San Diego, CA -- (SBWIRE) -- 09/12/2023 -- The Shareholders Foundation announced an update in the lawsuit that is pending for certain investors in shares of Stronghold Digital Mining, Inc. (NASDAQ: SDIG) over alleged securities laws violations by Stronghold Digital Mining, Inc.

If you purchased shares of Stronghold Digital Mining, Inc. (NASDAQ: SDIG), you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On April 14, 2023, a lawsuit was filed against Stronghold Digital Mining, Inc. over alleged securities laws violations. The plaintiff claimed that the Registration Statement was materially false and misleading and omitted to state that contracted suppliers, including MinerVa, were reasonably likely to miss anticipated delivery quantities and deadlines, that, due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold would experience difficulties obtaining miners outside of confirmed purchase orders, that, as a result of the foregoing, there was a significant risk that Stronghold could not expand its mining capacity as expected, that, as a result, Stronghold would likely experience significant losses, and that as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.

On October 18, 2022, an amended complaint was filed and on December 19, 2022, Stronghold Digital Mining, Inc filed a motion to dismiss.

On February 17, 2023, an opposition to the defendant's motion to dismiss was filed and on March 20, 2023, Stronghold Digital Mining, Inc filed a reply brief in further support of its motion to dismiss.

On June 13, 2023, Stronghold Digital Mining, Inc made oral arguments in support of its motion to dismiss.

On August 10, 2023, the court largely denied the motion to dismiss.

Those who purchased shares of Stronghold Digital Mining, Inc. (NASDAQ: SDIG) 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.