The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Stronghold Digital Mining, Inc. (NASDAQ: SDIG) who purchased Stronghold Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s October 2021 initial public offering. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Stronghold Digital Mining, Inc. lawsuit alleges that (1) contracted suppliers, including MinerVa Semiconductor Corp., were reasonably likely to miss anticipated delivery quantities and deadlines; (2) due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold would experience difficulties obtaining miners outside of confirmed purchase orders; (3) as a result of the foregoing, there was a significant risk that Stronghold could not expand its mining capacity as expected; (4) as a result, Stronghold would likely experience significant losses; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until June 13, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.