YORK, Nov. 18, 2022 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of Core Scientific, Inc.
To receive updates on the lawsuit, fill out the
The lawsuit seeks to recover losses for shareholders who
purchased Core Scientific between January 3,
2022 and October 26, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
January 13, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Core Scientific, Inc. issued
materially false and/or misleading statements and/or failed to
disclose that: (1) due in part to the expiration of a favorable
pricing agreement, the Company was experiencing increasing power
costs; (2) the Company's largest customer, Gryphon Digital Mining,
lacked the financial resources to purchase the necessary miner rigs
for Core Scientific to host; (3) the Company was not providing
hosting services to Celsius Network LLC ("Celsius") as required by
their contract; (4) the Company had implemented an improper
surcharge to pass through power costs to Celsius; (5) as a result
of the foregoing alleged breaches of contract, the Company was
reasonably likely to incur liability to defend itself against
Celsius; (6) as a result of the foregoing, the Company's
profitability would be adversely impacted; (7) as a result, there
was likely substantial doubt as to the Company's ability to
continue as a going concern; and (8) as a result of the foregoing,
defendant's positive statements about the Company's business,
operations, and prospects were materially misleading and/or lacked
a reasonable basis.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
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SOURCE Jakubowitz Law