NEW
YORK, Nov. 18, 2022 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of Core Scientific, Inc.
(NASDAQ: CORZ).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/core-scientific-inc-lawsuit-submission-form/?id=33831&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Core Scientific between January 3,
2022 and October 26, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
January 13, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Core Scientific, Inc. issued
materially 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.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law