A New York-based securities class action firm says it's looking into whether Core Scientific engaged in “securities fraud and other unlawful business practices,' on behalf of investors.
an investigation into whether Bitcoin miner Core Scientific and its leadership potentially engaged in “securities fraud and other unlawful business practices" which led to its stock price falling on several occasions.
According to securities class action firm Pomerantz LLP, the investigation was prompted by a report from Culper Research in 2022, which alleged that Core Scientific had"wildly oversold" its mining and hosting businesses in 2021 and also waived a 180-day lockup period of over 282 million shares, making them"free to be dumped" in Mar. 2022.
This report suggested that insiders at Core Scientific had"abandoned any pretense of care for minority shareholders," noting that on this news, Core Scientific's share price fell 9.4% on Mar. 3, 2022. The law firm also highlighted another incident on Sept. 28, 2022, in which crypto lender Celsius Network
in the bankruptcy court, accusing Core Scientific of violating the automatic stay provisions, adding improper surcharges, and failing to meet its contractual obligations.In a final incident, the law firm said on Oct.
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