If you purchased CleanSpark securities during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. In response to this report, CleanSpark shares fell $3.63 – or 9% – to a closing price of $35.71 on January 14, 2021, and an additional $4.56 – or 13% – on January 15, to a closing price of $31.15. Moreover, the report accused CleanSpark of "vastly overstat or simply fabricat key elements of its business," and described the Company as an "insider enrichment scheme" that was "rife with undisclosed related party transactions." To learn more about KSF, you may visit View source version on businesswire.If you purchased CleanSpark securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at (215) 875-3015, or Donnell Much at (215) 875-4667, or contact us at: A recently filed lawsuit accuses the Company and members of its senior management of misleading investors about CleanSpark's business and operations – specifically, that the Company overstated contracts and customer relationships, as well as its ability to provide advanced technology solutions to solve modern energy challenges.Īccording to the complaint, investors learned the true state of the Company's health on January 14, 2021, when Culper Research published a report titled "Cleanspark: Back to the Trash Can." The Culper report stated that, in acquiring ATL Data Centers in December 2020, CleanSpark "has simply rebranded an otherwise failed, podunk operation in service of a gutless promotion attempt." Further, Culper asserted that "investors buying the stock for the Company's mining capabilities are paying Porsche 911 prices for what amounts to a broken-down Toyota Corolla." KSF has offices in New York, California, Louisiana and New Jersey. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF, whose partners include former Louisiana Attorney General Charles C.
If you have information that would assist KSF in its investigation, or have been a long-term holder of CleanSpark shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-87 or email KSF Managing Partner Lewis Kahn ( or visit to learn more. KSF’s investigation is focusing on whether CleanSpark’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws. Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward. The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. As of mid-December 2021, the expansion project was still not complete. In August 2021, the Company disclosed that the expansion project would not be completed until sometime in the fall of 2021. (“ATL”), informing investors that improvements to the ATL facility would expand the power capacity from 20 megawatts to 50 megawatts and be completed by April 2021. However, in December 2020, the Company began shifting its principal focus to Bitcoin mining with the acquisition of ATL Data Centers, Inc.
Cleanspark investigation software#
The Company formerly described itself as an energy company providing advanced software and controls technology solutions, including end-to-end microgrid energy modeling, energy market communications, and energy management solutions. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into CleanSpark, Inc. Former Attorney General of Louisiana, Charles C.
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