NEW YORK, NY / ACCESSWIRE / June 11, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Stronghold Digital Mining, Inc. ("Stronghold" or the "Company") (NASDAQ:SDIG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Stronghold and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around October 20, 2021, Stronghold conducted its initial public offering ("IPO"), selling 7,690,400 shares of Class A common stock priced at $19.00 per share. On March 29, 2022, Stronghold announced its fourth quarter and full year 2021 financial results. The Company reported a net loss of $0.52 per share for the quarter, below analyst estimates of $0.04 earnings per share, with Stronghold's Chief Executive Officer citing "significant headwinds in our operations which have materially impacted recent financial performance."
On this news, Stronghold's stock price fell $3.28 per share, or roughly 32%, to close at $6.97 per share on March 30, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
SOURCE: Pomerantz LLP