Applied Digital Class Action Update: Johnson Fistel Alerts Shareholders of Ongoing Legal Proceedings
Johnson Fistel, LLP, a law firm specializing in shareholder rights, has announced the initiation of class action lawsuits on behalf of investors of the following companies. Investors are encouraged to review the deadlines listed and submit their information.
Class Period: April 13, 2022 and July 26, 2023
Lead Plaintiff Deadline: October 11, 2023
Applied Digital Corporation
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471