Securities class action filed against CleanSpark alleging material misstatements about ATL Data Centers acquisition
[REGULATORY ACTION]Jan 20, 2021 · CleanSpark · CleanSpark Bitcoin Mining Fleet · Mountain City, Tennessee, USA
Failure Mode
REGULATORY ACTION
Event Date
Jan 20, 2021
Primary Entity
CleanSpark
Robotic Platform
CleanSpark Bitcoin Mining Fleet
Jurisdiction / Location
Mountain City, Tennessee, USA
Audit Standard
Physical State Verified
Incident Abstract & Audit Findings
On January 20, 2021, Scott Bishins filed a class action complaint in the Southern District of New York against CleanSpark, CEO Zachary Bradford, and CFO Lori Love, alleging the company failed to disclose that it had overstated customer and contract figures and that several acquisitions involved undisclosed related party transactions. An amended complaint filed February 28, 2022 added Matt Schultz as a defendant and alleged material misstatements about the ATL Data Centers acquisition, including that an ATL predecessor had filed for bankruptcy six months prior and that a related party had performed an audit. The case was pending a motion to dismiss as of the FY2022 10-K filing.
System & Fleet Architecture
Operating Manufacturer
Hardware Platform
Operational Sectors
Primary Sources & Evidentiary Filings
- Inspect Filing
https://www.sec.gov/Archives/edgar/data/827876/000095017022026564/clsk-20220930.htm
https://www.sec.gov/Archives/edgar/data/827876/000095017022026564/clsk-20220930.htm
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Details
Incident Context & FAQ
What happened in Securities class action filed against CleanSpark alleging material misstatements about ATL Data Centers acquisition?
On January 20, 2021, Scott Bishins filed a class action complaint in the Southern District of New York against CleanSpark, CEO Zachary Bradford, and CFO Lori Love, alleging the company failed to disclose that it had overstated customer and contract figures and that several acquisitions involved undisclosed related party transactions. An amended complaint filed February 28, 2022 added Matt Schultz as a defendant and alleged material misstatements about the ATL Data Centers acquisition, including that an ATL predecessor had filed for bankruptcy six months prior and that a related party had performed an audit. The case was pending a motion to dismiss as of the FY2022 10-K filing.
When did this incident occur?
The incident is recorded as occurring on January 20, 2021 on the DEPLOY registry. The date reflects the underlying real-world event, not the registry record's creation date.
What robot was involved in Securities class action filed against CleanSpark alleging material misstatements about ATL Data Centers acquisition?
CleanSpark Bitcoin Mining Fleet by CleanSpark is the recorded robot involved in this incident at Mountain City, Tennessee, USA.
Has anyone responded to Securities class action filed against CleanSpark alleging material misstatements about ATL Data Centers acquisition?
No responses to this incident are recorded on the DEPLOY registry. Operators, manufacturers, or affected parties can submit responses to the editorial team; absence is not a guarantee no response was issued.
What is the current status of Securities class action filed against CleanSpark alleging material misstatements about ATL Data Centers acquisition?
This incident is an active record on the DEPLOY registry; no retraction or correction has been issued.