A shareholder class action lawsuit has been filed against CleanSpark, Inc. (“CleanSpark” or the “Company”) (NASDAQ: CLSK) on behalf of investors who purchased shares of the Company’s common stock between December 31, 2020 and January 14, 2021 (the “Class Period”).
According to the complaint, during the Class Period CleanSpark failed to disclose to investors: (i) that the Company had overstated its customer and contract figures; (ii) that several of the Company’s recent acquisitions involved undisclosed related party transactions; and (iii) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 14, 2021, Culper Research published a report titled “Cleanspark (CLSK): Back to the Trash Can,” alleging, among other things, that CleanSpark has “fabricated key elements of its business, including purported customers and contracts” and is also “rife with undisclosed related party transactions.” Following this report, shares of the Company’s stock fell $8.19 per share, or over 20% in value, to close on January 15, 2021 at $31.15 per share.
CleanSpark stockholders who purchased or acquired shares of the Company’s stock prior to January 14, 2020 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the form on this page, to discuss this action and their legal rights and options.