The law firm of Kirby McInerney LLP is investigating potential claims against Hut 8 Corp. (“Hut 8” or the “Company”) (NASDAQ: HUT). The investigation concerns whether Hut 8 and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On February 7, 2023, Hut 8 Mining Corp. announced that it was going to merge with U.S. Data Mining Group, Inc. dba US Bitcoin Corp. (“USBTC”) in a $655 million all-stock merger of equals transaction and the combined company would be named Hut 8 Corp. The deal closed on November 30, 2023.
On January 18, 2024, during early trading hours, J Capital Research published a report entitled “The Coming HUT Pump and Dump Management hiding stock ownership through undisclosed related party, a stock-promoter cabal, and a host of left-for-dead assets.” The report alleged that USBTC is backed by promoters with a history of legal issues, one of the major shareholders is an undisclosed related party, USBTC’s core asset is failing to deliver energy and high-speed internet, and USBTC's co-founder has a history of SEC-defined pump-and-dump schemes. On this news, the price of HUT shares declined by $2.16 per share, or approximately 23.28%, from $9.28 per share to close at $7.12 on January 18, 2024.
If you purchased or otherwise acquired Hut 8 securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
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