The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc. (MARA) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc. (“Marathon” or the “Company”) (NASDAQ: MARA) securities between October 13, 2020 and November 15, 2021, inclusive (the “Class Period”). Marathon investors have until February 15, 2022 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

In October 2020, Marathon announced that it had formed a joint venture with Beowulf Energy LLC focused on delivering low-cost power to Marathon’s Bitcoin mining operations. The company also entered into a series of agreements with multiple parties to design and build a data center in Hardin, Montana, issuing 6 million shares of its common stock to the parties of those agreements.

On November 15, 2021, before the market opened, Marathon revealed that during its third quarter 2021, “the Company and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility” described in Marathon’s Form 8-K dated October 13, 2020.

On this news, Marathon’s stock price fell $20.52, or 27%, to close at $55.40 per share on November 15, 2021, thereby injuring investors.

The complaint filed 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, Defendants failed to disclose to investors 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.

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If you purchased Marathon securities during the Class Period, you may move the Court no later than February 15, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Marathon securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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