U.S. District Court for the District of New Jersey in Newark, New Jersey. (Photo: New Jersey Historical Society) Bitcoin Mining Company That Enlisted Davis Polk Beats Investor Class Action
"When you boil down allegations that involve matters in the crypto space and cut through the complexity, the basics of the U.S. securities laws still apply," said Edmund Polubinski, a partner at Davis Polk & Wardwell.
October 01, 2024 at 05:04 PM
4 minute read
What You Need to Know
- A bitcoin mining company was sued in a federal district court in New Jersey.
- The shareholders challenged the accuracy of the disclosures in the bitcoin mining company's initial public offering and several of its statements following the offering.
- The federal judge, in a 41-page memorandum opinion and order, ruled in favor of the bitcoin mining company.
A federal district court in New Jersey dismissed a putative federal securities class action, for now, against a bitcoin mining operations company and several of its officers and directors over allegations that they misled investors leading up to and following its initial public offering.
Partners Edmund Polubinski and Mari Grace, counsel David B. Toscano and associates Charlotte M. Savino, Paulina Perlin, Elaina Marx, Alyssa Metcalf and Paige Whitaker at the Am Law 20 law firm Davis Polk & Wardwell represented the defendant, Iris Energy Ltd., along with its in-house counsel in the action brought by the lead plaintiff, Scott Sterling.
Edmund Polubinski, a partner at Davis Polk & Wardwell. (Courtesy photo) NOT FOR REPRINT
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