The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Western District of Texas on behalf of investors who purchased Core Scientific, Inc. (NASDAQ: CORZ) securities between January 3, 2022 and October 26, 2022.
According to the Core Scientific lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) due in part to the expiration of a favorable pricing agreement, the Company was experiencing increasing power costs; (2) the Company’s largest customer, Gryphon Digital Mining, lacked the financial resources to purchase the necessary miner rigs for Core Scientific to host; (3) the Company was not providing hosting services to Celsius Network LLC ("Celsius") as required by their contract; (4) the Company had implemented an improper surcharge to pass through power costs to Celsius; (5) as a result of the foregoing alleged breaches of contract, the Company was reasonably likely to incur liability to defend itself against Celsius; (6) as a result of the foregoing, the Company’s profitability would be adversely impacted; (7) as a result, there was likely substantial doubt as to the Company’s ability to continue as a going concern; and (8) as a result of the foregoing, defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you suffered a loss in Core Scientific you have until January 13, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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