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MARA.US
id: 652, Created by Stan Vick Chase, Scout
Marathon Digital Holdings, Inc. (MARA) Case
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D. Nevada
Court23-CV-00470
Case number- Marathon received a letter from the SEC relating to accounting errors.
- $MARA fell 8.31%, damaging investors.
- Investors suspect $MARA and its officers/directors of misleading.
On February 28, 2023, Marathon (MARA) issued a press release “announcing . . . that it has canceled its webcast and conference call for the fourth quarter and fiscal year 2022, initially scheduled for today, February 28, 2023, at 4:30 p.m. Eastern time, and will postpone the publication of its corresponding financial results.”
Furthermore:
- Marathon disclosed receipt of a letter from the SEC relating to accounting errors in the Company’s previously issued financial statements.
- The Company advised investors that the “statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and the previously issued unaudited condensed consolidated financial statements for the interim periods in 2022 and 2021 as contained in the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2021, and 2022, June 30, 2021, and 2022 and September 30, 2021, and 2022 . . . should no longer be relied upon” and will be restated.
- Market analyst Seeking Alpha commented on Marathon’s announcement, stating that “the company said its method for calculating the impairment of digital assets, chiefly bitcoin, on a daily basis using a standard cutoff time wasn't in compliance with a requirement that calls for the intraday low price to be used,” and, as such, “Marathon now estimates that both its revenue and cost of revenue for the year ended Dec. 31, 2021, were understated. Revenue, energy, hosting, and other, are expected to increase in the restated 2021 numbers.”
On this news, $MARA fell 8.31%, damaging investors.
Taking all facts into account, Investors have reasons to suspect $MARA and its officers/directors of misleading and failing to disclose, specifically:
- the Company overstated the efficacy of its disclosure controls and procedures and internal control over financial reporting;
- the Company’s revenues and cost of revenue were materially misstated and;
- once revealed, were reasonably likely to have a material negative impact on the Company’s financial condition.
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
28 February 2023
Filing date
30 March 2023
Lead Plaintiff Deadline
30 May 2023