NEW YORK, July 21, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Greenidge Generation Holdings Inc. ("Greenidge" or the "Company") (NASDAQ: GREE). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Greenidge and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 2, 2022, Greenidge announced selected preliminary operating results for the fourth quarter and full year of 2020. Among other results, the Company reported that it "[e]xpects GAAP Net Loss of $(51) to $(41) million, including a noncash goodwill impairment charge related to the Support.com business of $42 to $47 million[.]"
On this news, Greenidge's stock price fell $1.51 per share, or 11.93%, to close at $11.15 per share on February 2, 2022.
Then, on June 30, 2022, the New York State Department of Environmental Conservation ("DEC") issued a statement "announc[ing] its denial of the Title V air permit renewal for the Greenidge Generation, LLC, facility located in the town of Torrey, Yates County." DEC stated that it had "determined the permit renewal application does not demonstrate compliance with the requirements of the Climate Leadership and Community Protection Act. Based on DEC's review of the specific facts and circumstances presented, this natural gas-fired facility's continued operations would be inconsistent with the statewide greenhouse gas emission limits established in the Climate Act." DEC specified that "[a]mong the factors considered was the dramatic increase in greenhouse gas emissions from the facility since the passage of the Climate Act, driven by the change in the primary purpose of its operations. Rather than solely providing energy to the state's electricity grid, the power plant now primarily provides energy behind-the-meter to support the demands of Greenidge's energy-intensive proof of work cryptocurrency mining operations."
On this news, Greenidge's stock price fell $0.20 per share, or 7.3%, to close at $2.54 per share on June 30, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, 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
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
