The Law Offices of Frank R. Cruz announces an investigation of Hut 8 Corp. (“Hut 8” or the “Company”) (NASDAQ: HUT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 30, 2023, Hut 8 Mining Corp. merged with U.S. Data Mining Group, Inc. dba US Bitcoin Corp. (“USBTC”), and the combined company was named Hut 8 Corp.
On January 18, 2024, J Capital Research published a report alleging, among other things, that USBTC is “backed by promoters with a history of legal trouble,” has an “undisclosed related party” as one of its largest shareholders, and that its core asset “has historically failed to provide energy and high-speed internet.” The report further claimed that, without the merger with Hut 8, USBTC “would have done a structured bankruptcy,” estimating that its value is as much as 70% less than the $745 million that Hut 8 paid to acquire it.
On this news, Hut 8’s stock price fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024, thereby injuring investors.
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If you purchased Hut 8 securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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