Pomerantz Regulation Organization Announces the Filing of a Class Action in opposition to Bit Electronic, Inc. and Specific Officers – BTBT

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NEW YORK, Jan. 28, 2021 /PRNewswire through COMTEX/ —

NEW YORK, Jan. 28, 2021 /PRNewswire/ — Pomerantz LLP announces that a class motion lawsuit has been filed against Bit Digital, Inc. (“Little bit Digital” or the “Corporation”) (NASDAQ: BTBT) and sure of its officers.   The class motion, submitted in the United States District Court for the Southern District of New York, and docketed less than 21-cv-00721, is on behalf of a class consisting of all people and entities other than Defendants that procured or normally obtained Little bit Electronic securities in between December 21, 2020 and January 8, 2021, inclusive (the “Course Period”).  Plaintiff pursues claims versus the Defendants below the Securities Trade Act of 1934 (the “Exchange Act”).


If you are a shareholder who bought Bit Electronic securities in the course of the Course Interval, you have until finally March 22, 2021 to talk to the Court docket to appoint you as Direct Plaintiff for the course.  A duplicate of the Grievance can be attained at www.pomerantzlaw.com.   To go over this action, get in touch with Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-no cost, Ext. 7980. Those people who inquire by e-mail are inspired to consist of their mailing address, phone quantity, and the quantity of shares bought. 

[Click here for information about joining the class action]
Bit Electronic is a keeping firm that purports to engage in the bitcoin mining company as a result of its wholly-owned subsidiaries in the U.S. and Hong Kong.

The Grievance alleges that during the Class Interval, Defendants built materially false and deceptive statements, and unsuccessful to disclose substance adverse facts about the Firm’s organization, operations, and compliance procedures.  Particularly, Defendants produced bogus and/or deceptive statements and failed to disclose to traders that: (i) Bit Electronic overstated the extent of its bitcoin mining procedure and (ii) as a result of the foregoing, Defendants’ beneficial statements about the Company’s company, operations, and potential customers ended up materially deceptive and/or lacked a realistic foundation.

On January 11, 2021, J Cash Investigate issued a exploration report alleging, among the other matters, that Little bit Digital operates “a bogus crypto forex company” “made to steal cash from investors.”  Though the Business promises “it was running 22,869 bitcoin miners in China,” J Money alleged that “is just not achievable” and said that “[w]e confirmed with neighborhood governments supposedly web hosting the BTBT mining operation that there are no bitcoin miners there.”

On this news, Bit Digital’s regular share price fell $6.27 for each share, or 25%, to near at $18.76 for each share on January 11, 2021, on unusually major investing volume.

The Pomerantz Business, with places of work in New York, Chicago, Los Angeles, and Paris is acknowledged as a single of the premier corporations in the areas of company, securities, and antitrust class litigation. Launched by the late Abraham L. Pomerantz, recognized as the dean of the class action bar, the Pomerantz Agency pioneered the subject of securities class actions. Currently, much more than 80 many years afterwards, the Pomerantz Firm carries on in the tradition he recognized, combating for the rights of the victims of securities fraud, breaches of fiduciary responsibility, and company misconduct. The Company has recovered various multimillion-greenback damages awards on behalf of course associates. See www.pomerantzlaw.com
Get hold of:
Robert S. Willoughby
Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

 

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