NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Stronghold Digital Mining, Inc. (“Stronghold” or the “Company”) (NASDAQ: SDIG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Stronghold and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On or about October 20, 2021, Stronghold completed its initial public offering (“IPO”), selling 7,690,400 shares of Class A common stock at a price of $19.00 per share. On March 29, 2022, Stronghold announced its fourth quarter and full year 2021 financial results. The company reported a net loss of $0.52 per share for the quarter, below analyst estimates of $0.04 earnings per share, with Stronghold’s CEO citing “significant headwinds in our operations that have had a significant impact on recent financial performance.”
On this news, Stronghold’s stock price fell $3.28 per share, or about 32%, to close at $6.97 per share on March 30, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980