Governance & Derivative
CleanSpark, Inc. (NasdaqCM: CLSK)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into CleanSpark, Inc. (NasdaqCM: CLSK).
The Company formerly described itself as an energy company providing advanced software and controls technology solutions, including end-to-end microgrid energy modeling, energy market communications, and energy management solutions. However, in December 2020, the Company’s began shifting its principal focus to Bitcoin mining with the acquisition of ATL Data Centers, Inc. (“ATL”), informing investors that improvements to the ATL facility would expand the power capacity from 20 megawatts to 50 megawatts and be completed by April 2021. In August 2021, the Company disclosed that the expansion project would not be completed until sometime in the fall of 2021. As of mid-December 2021, the expansion project was still not complete.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward.
KSF’s investigation is focusing on whether CleanSpark’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of CleanSpark shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or fill out the form on this page.