San Diego, CA -- (SBWIRE) -- 04/11/2023 -- An investor, who purchased shares of Marathon Digital Holdings, Inc. (NASDAQ: MARA), filed a lawsuit over alleged violations of Federal Securities Laws by Marathon Digital Holdings, Inc.

Investors who purchased shares of Marathon Digital Holdings, Inc. (NASDAQ: MARA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 29, 2023. NASDAQ: MARA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Fort Lauderlade, FL based Marathon Digital Holdings, Inc. operates as a digital asset technology company that mines digital assets with a focus on the blockchain ecosystem and the generation of digital assets in United States.

On February 28, 2023, Marathon Digital Holdings, Inc issued a press release "announc[ing] . . . that it has cancelled its webcast and conference call for the fourth quarter and fiscal year 2022, initially scheduled for today, February 28, 2023, at 4:30 p.m. Eastern time, and will postpone the publication of its corresponding financial results." That same day, Marathon disclosed receipt of a letter from the U.S. Securities and Exchange Commission relating to accounting errors in the Company's previously issued financial statements. The Company advised investors that the "statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the previously issued unaudited condensed consolidated financial statements for the interim periods in 2022 and 2021 as contained in the Company's Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2021 and 2022, June 30, 2021 and 2022 and September 30, 2021 and 2022 . . . should no longer be relied upon" and will be restated.

Also on February 28, 2023, market analyst Seeking Alpha commented on Marathon's announcement, stating that "[t]he company said its method for calculating the impairment of digital assets, chiefly bitcoin [], on a daily basis using a standard cutoff time wasn't in compliance with a requirement that calls for the intraday low price to be used," and, as such, "Marathon [] now estimates that both its revenue and cost of revenue for the year ended Dec. 31, 2021 were understated. Revenue [. . .], energy, hosting and other, are expected to increase in the restated 2021 numbers."

Shares of Marathon Digital Holdings, Inc. (NASDAQ: MARA) declined to as low as $5.13 per share on March 10, 2023.

The plaintiff claims that between May 10, 2021 and February 28, 2023, the defendants made false and/or misleading statements and/or failed to disclose that the Company overstated the efficacy of its disclosure controls and procedures and internal control over financial reporting, that as a result, the Company's revenues and cost of revenue were materially misstated during the Class Period, that the foregoing, once revealed, was reasonably likely to have a material negative impact on the Company's financial condition, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Marathon Digital Holdings, Inc. (NASDAQ: MARA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.