According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- Bitfarms maintained deficient internal controls over financial reporting;
- as a result, Bitfarms incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities;
- in addition, Bitfarms overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants;
- the foregoing errors caused Bitfarms to misstate various items in several of Bitfarms’ previously issued financial statements;
- as a result, these financial statements were inaccurate and would likely need to be restated; and
- as a result, Bitfarms’ public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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