The Law Offices of Frank R. Cruz Announces Investigation of Applied Digital Corporation (APLD) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Applied Digital Corporation (“Applied Digital” or the “Company”) (NASDAQ: APLD) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On July 6, 2023, The Bear Cave and Wolfpack Research published reports alleging, among other things, that Applied Digital “relies on puffery over substance,” and “pumped up its stock . . . by claiming to pivot from a floundering business hosting bitcoin miners, to becoming a low-cost AI cloud service provider.” The reports further highlighted concerns regarding related party transactions, governance, and potential conflicts of interest.

On this news, Applied Digital’s stock price fell $1.27, or 14.2%, to close at $7.70 per share on July 6, 2023, thereby injuring investors.

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If you purchased Applied Digital 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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