1. Bitfarms faces allegations of misleading financial statements from March 2023. 2. Concerns include faulty internal controls over financial reporting. 3. Incorrect asset categorization could lead to restated financial results. 4. Shareholders are urged to join a class action lawsuit by July 2025. 5. Misstatements may have artificially inflated BITF stock prices.
Allegations of financial misstatements often lead to stock price declines. Historical cases like Luckin Coffee showed significant declines after similar revelations.
Class action lawsuits can significantly affect investor sentiment and stock prices. The findings may lead to further legal and financial scrutiny.
The potential for restated financials indicates prolonged negative effects. Investors may remain wary until resolution.
/PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Bitfarms Ltd. (NASDAQ: BITF).
Shareholders who purchased shares of BITF during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
https://securitiesclasslaw.com/securities/bitfarms-ltd-loss-submission-form/?id=150505&from=4
March 21, 2023 to December 9, 2024
The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Bitfarms maintained deficient internal controls over financial reporting; (ii) as a result, the Company incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities; (iii) in addition, the Company overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants; (iv) the foregoing errors caused Bitfarms to misstate various items in several of the Company's previously issued financial statements; (v) as a result, these financial statements were inaccurate and would likely need to be restated; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times.
July 8, 2025 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/bitfarms-ltd-loss-submission-form/?id=150505&from=4
Once you register as a shareholder who purchased shares of BITF during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is July 8, 2025. There is no cost or obligation to you to participate in this case.
The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
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The Gross Law Firm