YORK, Dec. 16, 2022 /PRNewswire/
-- Jakubowitz Law announces that a securities fraud class
action lawsuit has commenced on behalf of shareholders of Core
Scientific, Inc. (NASDAQ: CORZ).
To receive updates on the lawsuit, fill out the form:
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.
1140 Avenue of the Americas
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
SOURCE Jakubowitz Law