According to the Complaint, Marathon Digital Holdings, Inc. is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in U.S. The Company was formerly known as “Marathon Patent Group, Inc.” and changed its name to “Marathon Digital Holdings, Inc.” on March 1, 2021.

In October 2020, Marathon announced the formation of a new joint venture with Beowulf Energy LLC (“Beowulf”) purportedly focused on delivering low-cost power to Marathon’s Bitcoin mining operations (the “Beowulf Joint Venture”). 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 (the “Hardin Facility”), issuing 6 million shares of its common stock to the parties of those agreements.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Beowulf Joint Venture, as it related to the Hardin Facility, implicated potential regulatory violations, including U.S. securities law violations; (ii) as a result, the Beowulf Joint Venture subjected Marathon to a heightened risk of regulatory scrutiny; (iii) the foregoing was reasonably likely to have a material negative impact on the Company’s business and commercial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On September 7, 2022, the Court appointed a Lead Plaintiff and approved Lead Plaintiff's selection of Lead Counsel. The Order appears in the Docket entry only.

On October 21, 2022, Lead Plaintiff voluntarily dismissed the case.