Class action lawsuit filed by Core Scientific Inc.: Johnson

Class action lawsuit filed by Core Scientific Inc.: Johnson


SAN DIEGO, Nov. 15, 2022 (GLOBE NEWSWIRE) — Shareholder Rights Law Firm Johnson Fistula, LLP announces that a class action lawsuit has been commenced on behalf of investors in Core Scientific Inc. (“Core Scientific” or the “Company”) (NASDAQ: CORZ). The Class Action is effective on behalf of shareholders who purchased Core Scientific securities between January 3, 2022 and October 26, 2022, both dates inclusive (the “Class Period”). Investors are hereby notified that they have until January 13, 2023 to petition the court to appear as lead plaintiff in this lawsuit.

What actions can I take at this time? If you have suffered a loss and would like to learn more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. When emailing, please include your phone number.

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The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, defendants failed to disclose to investors that: (1) the Company experienced increasing electricity costs due in part to the expiration of a favorable pricing agreement; (2) that the Company’s largest customer, Gryphon, lacked the financial resources to acquire the necessary mining rigs for Core Scientific; (3) that Company failed to provide hosting services to Celsius pursuant to their contract; (4) that the Company introduced an improper mark-up to pass on electricity costs to Celsius; (5) that the Company would likely be liable to defend against Celsius as a result of the foregoing alleged breaches of contract; (6) that due to the…

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