U.S. District Court for the District of New Jersey in Newark, NJ. (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

Cryptocurrency

Michael A. Mora

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.

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