Investor Files Securities Class Action for Misleading Shareholders

Marathon Digital Holdings, Inc. (NASDAQ:MARA)

HENDERSONVILLE, TN, UNITED STATES, December 23, 2021 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, announces that a purchaser of Marathon Digital Holdings, Inc. (MARA) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between October 13, 2020 and November 15, 2021. Marathon is a digital asset technology company that mines cryptocurrencies with a focus on blockchain ecosystems and the generation of digital assets in the U.S. The Marathon Digital class action lawsuit was commenced on December 17, 2021 in the District of Nevada and is captioned Schlatre v. Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc., No. 21-cv-02209.

If you suffered a loss due to Marathon’s misconduct, click here.

Marathon Digital Holdings, Inc. (MARA) Violated U.S. Securities Laws

According to the complaint, in October 2020, Marathon announced a new joint venture with Beowulf Energy LLC purportedly focused on delivering low-cost power to Marathon’s bitcoin mining operations. In connection with the joint venture, Marathon entered into a series of agreements to design and build a data center in Hardin, Montana. The Company issued six million shares of common stock to the parties of those agreements.

During the class period, defendants made false and misleading statements and failed to disclose that the joint venture, as it related to the Hardin facility, implicated potential regulatory violations, including U.S. securities law violations. As a result, the joint venture subjected Marathon to a heightened risk of regulatory scrutiny, which would have a material negative impact on the Company’s business prospects.

On November 15, 2021, Marathon disclosed that “the Company and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility[,]” and advised that “the SEC may be investigating whether or not there may have been any violations of the federal securities laws.” On this news, Marathon’s stock fell over 27%, to close at $55.40 per share on November 15, 2021.

If you acquired shares of Marathon Digital Holdings, Inc. (MARA) securities between October 13, 2020 and November 15, 2021, you have until February 15, 2022, to ask the court to appoint you lead plaintiff for the class.

Marathon Shareholders Urged to Contact the Firm

If you purchased Marathon securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com or to submitform click here. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder, employee rights and personal injury attorney raised in Nashville, Tennessee. Earlier this year, Mr. Miles was recognized as a 2021 Top Ranked Lawyer; 2021 Top Rated Litigator; and a 2021 Elite Lawyer of The South by Martindale-Hubbell^® and ALM, his third consecutive year to receive each award. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019-2021); Top Rated Lawyer by Martindale-Hubbell^® and ALM (2019-2021); Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019-2021); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2021); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2021); PRR AV Preeminent Rating on Lawyers.com (2018-2021); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2021); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits to Investors (Timothy L. Miles, Dec. 3, 2019).

CONTACT:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
141 Saundersville Road, #2202
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com
Website: www.timmileslaw.com
https://timmileslaw.com/is-your-baby-formula-safe/

Timothy L. Miles
Law Offices of Timothy L. Miles
+1 6155877384
email us here
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Timothy Lee. Miles
Law Offices Of Timothy L. Miles
+1 6155877384
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Other

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