According to the Complaint, Bit Digital, Inc. is a holding company that purports to engage in the bitcoin mining business through its wholly owned subsidiaries in U.S. and Hong Kong.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Bit Digital overstated the extent of its bitcoin mining operation; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 29, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-00515.
Lead Plaintiff filed a consolidated Complaint on July 6, 2021. Defendants filed a Motion to Dismiss the consolidated Complaint on November 19.
On August 12, 2022, the parties notified the Court that they had reached an agreement in principle to Settle, and on August 16, the Court issued an Order denying without prejudice Defendants' Motion to Dismiss.
On October 12, 2022, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on November 22. On March 7, 2023, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.