Marathon Digital Holdings, Inc.

Marathon Digital Holdings, Inc.

Ticker: MARA

Class Period Start: 10/13/2020

Class Period End: 11/15/2021

Registration Deadline: 02/15/2022

Marathon Digital Holdings, Inc. (“Marathon” or the “Company”), f/k/a Marathon Patent Group, Inc., is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States.

In October 2020, Marathon announced the formation of a new joint venture with Beowulf Energy LLC purportedly focused on delivering low-cost power to Marathon ‘s Bitcoin mining operations. In connection with that joint venture, Marathon entered into a series of agreements with multiple parties to design and build a data center in Hardin, Montana, issuing 6 million shares of its common stock to the parties of those agreements.

On November 15, 2021, Marathon disclosed that Marathon “and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility,” and advised that the U.S. Securities and Exchange Commission “may be investigating whether or not there may have been any violations of the federal securities law.”

On this news, Marathon’s stock price fell by more than 27%, damaging investors.

A securities class action has been filed against Marathon on behalf of shareholders that purchased Marathon shares between October 13, 2020 and November 15, 2021.  This case has been filed in the U.S. District Court for the District of Nevada.

According to the Complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Marathon’s joint venture with Beowulf Energy LLC, as it related to a series of agreements with multiple parties to design and build a data center in Hardin, Montana, implicated potential regulatory violations, including U.S. securities law violations; (2) as a result, the Beowulf Joint Venture subjected Marathon to a heightened risk of regulatory scrutiny; (3) the foregoing was reasonably likely to have a material negative impact on Marathon’s business and commercial prospects; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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