NEW YORK, January 23, 2024: Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Hut 8 Corp. common stock (NASDAQ: HUT).
On February 7, 2023, Hut 8 Mining Corp. announced it was going to combine with U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp. (“USBTC”) in a $655 million all-stock merger of equals transaction and the combined company would be named Hut 8 Corp. The deal closed on November 30, 2023.
Early in the trading day on January 18, 2024, J Capital Research published a negative report entitled The Coming HUT Pump and Dump Management hiding stock ownership through undisclosed related party, a stock-promoter cabal, and a host of left-for-dead assets. Some of the report’s allegations include “USBTC is backed by promoters with a history of legal trouble,” “One of USBTC’s largest shareholders is an undisclosed related party,” USBTC’s core asset “failed to provide energy and high-speed internet,” and USBTC’s co-founder has a history “littered with involvement in SEC-defined pump-and-dumps.” On this news, Hut 8’s stock price fell $2.16 per share from its January 17, 2024 closing price, and closed at to $7.12 per share on January 18, 2024, a drop of over 23% on very heavy volume.
Investors who lost over $25,000 trading in Hut 8’s common stock and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, or jruthizer@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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