Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Bitfarms Ltd. (NASDAQ: BITF) securities.
If you suffered a loss on your Bitfarms Ltd. investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Mar 21 2023 - Dec 09 2024
CASE DETAILS: The filed complaint alleges that Bitfarms Ltd. made materially false and/or misleading statements and/or failed to disclose that: (i) Bitfarms maintained deficient internal controls over financial reporting; (ii) as a result, the Company 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; (iii) in addition, the Company 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; (iv) the foregoing errors caused Bitfarms to misstate various items in several of the Company’s previously issued financial statements; (v) as a result, these financial statements were inaccurate and would likely need to be restated; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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