Latest news with #Bitfarms
Yahoo
2 days ago
- Business
- Yahoo
BITF Lawsuit Alert! Class Action Lawsuit Against Bitfarms Ltd.
A class action lawsuit was filed against Bitfarms Ltd. (BITF) by Levi & Korsinsky on May 9, 2025. The plaintiffs (shareholders) alleged that they bought BITF stock at artificially inflated prices between March 21, 2023 and December 9, 2024 (Class Period) and are now seeking compensation for their financial losses. Investors who bought Bitfarms stock during that period can click here to learn about joining the lawsuit. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Bitfarms is a Canadian Bitcoin mining company that is transitioning its focus to building and managing data center infrastructure for high-performance computing (HPC) and artificial intelligence (AI) projects. The company claims to use renewable and alternative power sources for its operations to optimize costs and enhance sustainability. The company's failure to inform investors about its deficient internal controls over financial reporting is at the heart of the current complaint. According to the lawsuit, Bitfarms and three of its current and/or former senior officers (the Defendants) repeatedly made false and misleading public statements throughout the Class Period. Particularly, they are accused of omitting truthful information about the efficacy of the company's internal controls over financial reporting, and ancillary issues, from SEC filings and related material. During the Class Period, the company repeatedly stated that its management, including the CEO and CFO, have assessed the effectiveness of the Registrant's internal control over financial reporting and found them to be effective as of December 31, 2022. Additionally, in a May 15, 2023 press release, the former CEO noted that the company was maintaining financial and operating discipline and was able to achieve its target of reaching 6.0 exahash per second (EH/s) in Q3 FY23, ahead of the previously projected Q4 FY24. Finally, in an August 8, 2023 press release, the company mentioned that its management, led by the CEO and CFO, had established internal controls over financial reporting (ICFR). These controls were meant to help ensure that the company's financial reports are reliable, that its financial statements are prepared correctly for external purposes, and that they are in accordance with IFRS rules. However, subsequent events (mentioned below) reveal that the defendants failed to implement adequate internal controls over financial reporting, which ultimately led to the restatement of their historical financial statements. The plaintiffs maintain that the defendants deceived investors by lying and withholding critical information about the business practices and prospects during the Class Period. Importantly, the defendants are accused of misleading investors about deficient internal controls and procedures related to the categorization of proceeds derived from the sale of digital assets as cash flows from operating activities rather than from investing activities. The information became clear on December 9, 2024, when the company issued a press release announcing that it would need to restate previously issued financial statements due to the above-mentioned erroneous reporting. Particularly, Bitfarms will have to restate its consolidated financial statements for the fiscal years ending December 31, 2023 and 2022 and the related management's discussion and analysis (MD&A) for the year ended December 31, 2023. Additionally, the company will need to restate unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 and the related MD&A for the three and nine months ended September 30, 2024. These restatements were required to correct 'a material error in the classification of proceeds derived from the sale of digital assets.' Following the news, BITF stock fell 6.6% the same day and a further 6.1% on December 10. To conclude, the company misled investors regarding the potential impact on its financial results from the incorrect classification of proceeds from the sale of digital assets under cash flow from operating activities. Owing to these issues, BITF stock has declined 74.5% in the past year, causing massive damage to shareholder returns. Disclaimer & DisclosureReport an Issue
Associated Press
13-06-2025
- Business
- Associated Press
BITF Investors Have Opportunity to Lead Bitfarms Ltd. Securities Fraud Lawsuit
NEW YORK, June 13, 2025 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Bitfarms Ltd. (NASDAQ: BITF) between March 21, 2023 and December 9, 2024, both dates inclusive (the 'Class Period'), of the important July 8, 2025 lead plaintiff deadline. So What: If you purchased Bitfarms securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. What to do next: To join the Bitfarms class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 8, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Details of the case: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Bitfarms maintained deficient internal controls over financial reporting; (2) as a result, Bitfarms incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities; (3) in addition, Bitfarms overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants; (4) the foregoing errors caused Bitfarms to misstate various items in several of Bitfarms' previously issued financial statements; (5) as a result, these financial statements were inaccurate and would likely need to be restated; and (6) as a result, Bitfarms' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Bitfarms class action, go to call Phillip Kim, Esq. toll-free at 866-767-3653, or email [email protected] for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: or on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] View original content to download multimedia: SOURCE THE ROSEN LAW FIRM, P. A.
Yahoo
10-06-2025
- Business
- Yahoo
Riot Sells $1.58M of Bitfarms Shares as Part of Investment Review
Bitcoin BTC miner Riot Platforms (RIOT) said it sold 1.75 million shares of rival Bitfarms (BITF) for about $1.58 million as part of a continuing review of its investment in the company following an unsuccessful takeover bid that saw its stake in the company rise to almost 15%. The shares, sold on June 9 over the Nasdaq and other open markets, fetched a weighted average price of about $0.90 per share and reduced Riot's beneficial ownership to 14.3%, the company said. The hostile takeover bid became public in May 2024, with Riot offering to buy Bitfarms for $2.30 per share, an approach that was swiftly rejected and abandoned the following month. Riot continued to buy its rival's shares to exert pressure on the board to engage with the miner. Bitfarms subsequently implemented a shareholder rights plan or "poison pill" to deter Riot from buying the company. Riot emphasized that it remains committed to evaluating its position in Bitfarms based on a number of evolving factors. These include potential discussions with Bitfarms' management, the company's strategic trajectory, and broader market conditions. Riot said it may increase or decrease its holdings in the future depending on such considerations. Bitfarms stock rose 4% in pre-market trading to $0.96. Riot rose 0.49% to $10.17.
CNBC
04-06-2025
- Business
- CNBC
Bitfarms CEO: Priority for bitcoin miner 'entirely in HPC and the AI opportunity'
Bitfarms CEO Ben Gagnon explains the bitcoin miner's priority shift to HPC and AI from Bitcoin 2025.
CNBC
04-06-2025
- Business
- CNBC
Trump's Truth Social continues crypto push with step toward bitcoin ETF launch: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin slips as ether rises. Plus, Bitfarms CEO Ben Gagnon explains the bitcoin miner's priority shift to HPC and AI from Bitcoin 2025. And, Tether CEO Paolo Ardoino discusses the company's global investments and hopes for stablecoin regulation in the U.S. from the crypto conference.
