NEW YORK, NY / ACCESSWIRE / March 24, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Marathon Digital Holdings, Inc. ("Marathon" or the "Company") (NASDAQ:MARA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Marathon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 28, 2023, Marathon issued a press release "announc[ing] . . . that it has cancelled 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." That same day, Marathon disclosed receipt of a letter from the U.S. Securities and Exchange Commission 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.
On this news, Marathon's stock price fell $0.59 per share, or 8.31%, to close at $6.51 per share on March 1, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.
SOURCE: Pomerantz LLP