Case Status
Active
Case Caption
Schlatre v. Marathon Digital Holdings, Inc., et al.
Position
Lead Counsel
Practice Areas
Court
U.S. District Court for the District of Nevada
Judge Assigned
Hon. Richard F. Boulware, II
Case Number
2:21-cv-02209-RFB-NJK
Defendant(S)
Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc.
Merrick D. Okamoto
Frederick G. Thiel
Simeon Salzman
Stock Symbol
MARA
File Date
Class Period
-
Lead Plaintiff Deadline
Phone

The litigation arises from Defendants’ misleading statements concerning Marathon’s plan to build a data management facility in Hardin, Montana (“Hardin Facility”) to provide energy for operating Bitcoin mining servers.

Specifically, in Oct. 2020, Marathon announced the formation of a joint venture with Beowulf Energy LLC (“Beowulf”) purportedly focused on delivering low-cost power to Marathon’s Bitcoin mining operations (the “Beowulf Joint Venture”). In connection with that joint venture, Marathon entered into a series of agreements with multiple parties to design and build the Hardin Facility, issuing 6 million shares to the parties of those agreements.

The Complaint alleges that Defendants concealed that the Beowulf Joint Venture, as it related to the Hardin Facility, may have violated U.S. securities laws.

The truth emerged on Nov. 15, 2021, when Marathon announced that it and certain of its executives received a subpoena from the SEC seeking documents and communications concerning the Hardin Facility.  The company said, “[w]e understand the SEC may be investigating whether or not there may have been any violations of the federal securities law.

On this news, Marathon’s stock price fell $20.52 per share, or 27.03%, in a single trading day.

Case Timeline
Title
Hagens Berman is Appointed Lead Counsel
Case Status
Date

CASE TIMELINE

Hagens Berman is Appointed Lead Counsel

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