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Lawsuit filed for Investors who lost money with their investment in Core Scientific, Inc. (NASDAQ: CORZ)

11-29-2022 07:48 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Core Scientific, Inc. (NASDAQ: CORZ) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Core Scientific, Inc. (NASDAQ: CORZ) shares over alleged securities laws violations.

An investor, who purchased shares of Core Scientific, Inc. (NASDAQ: CORZ), filed a lawsuit in the U.S. District Court for the Western District of Texas over alleged violations of Federal Securities Laws by Core Scientific, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Core Scientific, Inc. (NASDAQ: CORZ) have certain options and for certain investors are short and strict deadlines running. Deadline: January 13, 2023 . NASDAQ: CORZ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Austin, TX based Core Scientific, Inc. operates facilities for digital asset mining and colocation services in North America.

On March 3, 2022, Culper Research published a report about Core Scientific, Inc alleging, among other things, that the Company had overstated its profitability and that the Company's largest customer lacked the financial resources to deliver the rigs pursuant to its contract.

On September 28, 2022, Celsius Network LLC and related entities filed a motion to enforce the automatic stay and for civil contempt in bankruptcy proceedings alleging that Core Scientific, Inc. "has knowingly and repeatedly violated the automatic stay provisions of 11 U.S.C. § 362(a)" by refusing to perform its contractual obligations, threatening to terminate the companies' agreement, and adding improper surcharges.
On October 27, 2022, before the market opened, Core Scientific, Inc disclosed that "given the uncertainty regarding the Company's financial condition, substantial doubt exists about the Company's ability to continue as a going concern," and that it is exploring alternatives to its capital structure. Moreover, the Company held 24 bitcoins, compared to 1,051 bitcoins as of September 30, 2022.

Shares of Core Scientific, Inc. (NASDAQ: CORZ) declined from $3.47 per share in August 2022, to $0.12 per share on November 28, 2022.

The plaintiff claims that between January 3, 2022 and October 26, 2022, the Defendants failed to disclose to investors that, due in part to the expiration of a favorable pricing agreement, the Company was experiencing increasing power costs, that the Company's largest customer, Gryphon, lacked the financial resources to purchase the necessary miner rigs for Core Scientific to host, that the Company was not providing hosting services to Celsius as required by their contract, that the Company had implemented an improper surcharge to pass through power costs to Celsius, that, as a result of the foregoing alleged breaches of contract, the Company was reasonably likely to incur liability to defend itself against Celsius, that, as a result of the foregoing, the Company's profitability would be adversely impacted, that, as a result, there was likely substantial doubt as to the Company's ability to continue as a going concern, and that as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.

Those who purchased shares of Core Scientific, Inc. (NASDAQ: CORZ) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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