NEW YORK, Dec. 9, 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
View original content:
SOURCE Jakubowitz Law