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BTBT.US

id: 445

Bit Digital (BTBT) $2.1 Million Settlement

The settlement funds have been distributed to claimants.

$2,100,000

Cash Settlement

S.D. New York

Court

1:21-cv-00515

Case number

12/21/2020

Class period Start

01/11/2021

Class period End

03/21/2023

Claim deadline

Bit Digital Inc (BTBT) agreed to pay $2.1 million to settle a securities class action lawsuit accusing the Company of deceiving investors about business prospects.

The Complaint alleged that the Company and its Leaders made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleged they failed to disclose to investors that Bit Digital overstated the extent of its bitcoin mining operation.

Bit Digital Inc (BTBT) agreed to settle with investors to avoid further litigation.

Case Status

Disbursed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.5

Filing date

01/20/2021

Plaintiffs

Joseph Franklin, Monkam Nitcheu

Attorneys

Block & Leviton LLP (Boston, MA)

Defendants

Erke Huang

Judge

Hon. Andrew L. Carter, Jr.

Administrator

Kroll

Court hearing date

03/07/2023

Exclusion deadline

02/14/2023

Objection deadline

02/14/2023

Hearing deadline

02/14/2023

Trades matching type

FIFO

Disbursement date

07/29/2024

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