SAN DIEGO, CA / ACCESSWIRE / June 9, 2022 / Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Stronghold Digital Mining, Inc. (NASDAQ:SDIG) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Stronghold Digital Mining's October 2021 initial public offering ("IPO") have until this Monday, June 13, 2022 to seek appointment as lead plaintiff in Winter v. Stronghold Digital Mining, Inc., No. 22-cv-03088 (S.D.N.Y.). The Stronghold Digital Mining class action lawsuit charges Stronghold Digital Mining, certain of its top executive officers and directors, as well as the IPO's underwriters with violations of the Securities Act of 1933.
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CASE ALLEGATIONS: Stronghold Digital Mining is a crypto asset mining company focused on mining Bitcoin. In the IPO, Stronghold Digital Mining sold 7,690,400 shares of Class A common stock at a price of $19.00 per share. Stronghold Digital Mining received net proceeds of approximately $132.5 million from the IPO. The proceeds from the IPO were purportedly to be contributed to Stronghold LLC in exchange for Stronghold LLC Units, and Stronghold LLC would purportedly use the net proceeds for general corporate purposes, including for acquisitions of miners and power generating assets.
The Stronghold Digital Mining class action lawsuit alleges that the IPO's Registration Statement was materially false and misleading and omitted to state that: (i) contracted suppliers, including Minerva Semiconductor Corp., were reasonably likely to miss anticipated delivery quantities and deadlines; (ii) due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold Digital Mining would experience difficulties obtaining miners outside of confirmed purchase orders; (iii) as a result, there was a significant risk that Stronghold Digital Mining could not expand its mining capacity as expected; (iv) thus, Stronghold Digital Mining would likely experience significant losses; and (v) consequently, defendants' positive statements about Stronghold Digital Mining's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Stronghold Digital Mining Class A common stock pursuant and/or traceable to the Registration Statement issued in connection with the IPO to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
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SOURCE: Robbins Geller Rudman & Dowd LLP
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