Core Viewpoint - A class action lawsuit has been filed against Bitfarms Ltd. for alleged deficiencies in internal controls over financial reporting, leading to misstatements in financial statements and a need for restatement [1][2][3]. Group 1: Allegations and Financial Reporting Issues - The complaint alleges that Bitfarms failed to disclose deficiencies in internal controls over financial reporting during the class period [2]. - Bitfarms incorrectly categorized proceeds from the sale of digital assets as cash flow from operating activities instead of cash flow from investing activities [2]. - The company overstated its ability to remediate material weaknesses in its internal controls related to the classification of 2021 Warrants [2]. - These errors resulted in misstatements in several previously issued financial statements, which are now likely to be restated [2]. Group 2: Impact of the Announcement - On December 9, 2024, Bitfarms announced that its consolidated financial statements for fiscal years 2022 and 2023 contained a material error regarding the classification of proceeds from digital asset sales [3]. - Following this announcement, Bitfarms' stock price fell by $0.13 per share, or 6.07%, closing at $2.01 per share on December 10, 2024 [3]. Group 3: Class Action Participation - Shareholders interested in serving as lead plaintiffs in the class action must file their papers with the court by July 8, 2025 [4]. - Shareholders can remain absent class members and still be eligible for recovery without participating in the case [4].

Core Viewpoint - A class action lawsuit has been filed against Bitfarms Ltd. and certain officers for alleged violations of federal securities laws during the Class Period from March 21, 2023, to December 9, 2024, seeking damages for misleading statements regarding the company's financial reporting and internal controls [1][6][8]. Company Overview - Bitfarms operates integrated Bitcoin data centers in Canada, the U.S., Paraguay, and Argentina, focusing on mining Bitcoin and managing digital assets [3]. - The company sells mined Bitcoin and accounts for the proceeds in its cash flow statement, which includes cash flow from operating, investing, and financing activities [4]. Financial Reporting Issues - In March 2024, Bitfarms identified a material weakness in its internal control over financial reporting related to the classification of 2021 Warrants, which should have been classified as financial liabilities rather than equity instruments [6]. - The company acknowledged that its internal controls were deficient, leading to misstatements in financial statements and the need for restatements [7][8]. Recent Developments - On December 9, 2024, Bitfarms announced that its consolidated financial statements for 2022 and 2023 contained a material error regarding the classification of proceeds from digital asset sales, which would need to be restated [8]. - Following this announcement, Bitfarms' stock price fell by $0.13 per share, or 6.07%, closing at $2.01 per share on December 10, 2024 [8]. - In its Annual Report on Form 40-F filed on April 1, 2025, Bitfarms reiterated its efforts to remediate the material weakness but indicated that the remediation plan would be completed in 2025, contrary to previous statements [9].

Core Points - A shareholder class action lawsuit has been filed against Bitfarms Ltd. alleging materially false and misleading statements regarding the company's business and operations [1] - The lawsuit claims that Bitfarms had deficient internal controls over financial reporting, leading to misclassification of cash flows and inaccuracies in financial statements [1] - The company is expected to restate its financial statements due to these alleged inaccuracies [1] Summary by Categories Legal Issues - The lawsuit alleges that Bitfarms failed to disclose material adverse information and made misleading statements about its internal controls and financial reporting [1] - Shareholders who purchased shares between March 21, 2023, and December 9, 2024, and experienced significant losses are encouraged to discuss their legal rights [2] Financial Reporting - Bitfarms is accused of incorrectly categorizing proceeds from the sale of digital assets as cash flow from operating activities instead of investing activities [1] - The company allegedly overstated its ability to remediate weaknesses in its internal controls related to the classification of 2021 Warrants [1] - As a result of these errors, various items in previously issued financial statements were misstated, necessitating potential restatements [1]

Core Viewpoint - A class action lawsuit has been filed against Bitfarms Ltd. and certain officers for alleged violations of federal securities laws during the Class Period from March 21, 2023, to December 9, 2024, seeking damages for misleading statements regarding the company's financial reporting and internal controls [1][7][8]. Company Overview - Bitfarms operates integrated Bitcoin data centers in Canada, the U.S., Paraguay, and Argentina, focusing on validating transactions on the Bitcoin Blockchain through mining [4]. - The company sells mined Bitcoin as digital assets or exchanges them for U.S. dollars, with a financing strategy that includes strategically selling its BTC assets [4]. Financial Reporting Issues - In March 2024, Bitfarms identified a material weakness in its internal control over financial reporting related to the classification of 2021 Warrants, which should have been classified as financial liabilities rather than equity instruments [7]. - The company acknowledged deficiencies in internal controls, leading to misstatements in financial statements and incorrect categorization of proceeds from digital asset sales [7][8]. Recent Developments - On December 9, 2024, Bitfarms announced that its consolidated financial statements for 2022 and 2023 contained a material error regarding the classification of proceeds from digital asset sales, necessitating restatement [9]. - Following this announcement, Bitfarms' stock price fell by $0.13 per share, or 6.07%, closing at $2.01 per share on December 10, 2024 [9]. - In April 2025, Bitfarms filed its Annual Report, indicating that the remediation plan for the identified material weakness would be completed in 2025, contrary to previous statements that it would be completed in 2024 [10].

Core Viewpoint - Bitfarms Ltd. is set to report its first quarter 2025 financial results on May 14, 2025, before market opening, with a conference call scheduled for the same day at 8:00 am ET [1]. Company Overview - Bitfarms Ltd. was founded in 2017 and operates as a global energy and compute infrastructure company, focusing on the development, ownership, and operation of vertically integrated high-performance computing (HPC) and Bitcoin mining data centers [3]. - The company currently operates 15 Bitcoin data centers across four countries: the United States, Canada, Argentina, and Paraguay [3]. Sustainability Commitment - Bitfarms is primarily powered by environmentally friendly hydro-electric energy and long-term power contracts, emphasizing its commitment to sustainable and often underutilized energy infrastructure [4].

Core Viewpoint - Pomerantz LLP is investigating claims on behalf of investors of Bitfarms Ltd. regarding potential securities fraud or unlawful business practices by the company and its officers or directors [1]. Group 1: Financial Misstatements - On December 9, 2024, Bitfarms announced that its consolidated financial statements for the fiscal years 2022 and 2023 contained a material error related to the classification of proceeds from digital asset sales, necessitating a restatement [3]. - The company also identified an accounting error concerning the redemption of warrants in 2023, which prompted further adjustments [3]. Group 2: Market Reaction - Following the announcement of the financial misstatements, Bitfarms' stock price fell by $0.13 per share, or 6.07%, closing at $2.01 per share on December 10, 2024 [4]. Group 3: Legal Context - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, with a history of fighting for the rights of victims of securities fraud and corporate misconduct [5].

Company Performance - Bitfarms Ltd. (BITF) ended the latest trading session at $1.02, reflecting a -0.97% change from the previous close, which lagged behind the S&P 500's daily gain of 1.47% [1] - Over the past month, shares of Bitfarms have increased by 25.44%, outperforming the Business Services sector's loss of 1.38% and the S&P 500's loss of 0.47% [1] Upcoming Financial Results - The upcoming financial results for Bitfarms are anticipated to show an EPS of -$0.04, indicating a 100% decline compared to the same quarter last year [2] - The Zacks Consensus Estimate projects net sales of $68.39 million, which represents a 35.91% increase from the year-ago period [2] Full Year Estimates - For the full year, analysts expect earnings of -$0.14 per share and revenue of $338.38 million, reflecting changes of 0% and +75.43% respectively from the previous year [3] Analyst Estimates and Outlook - Recent changes to analyst estimates for Bitfarms indicate evolving short-term business trends, with positive revisions seen as a favorable sign for the company's outlook [4] - The Zacks Rank system, which integrates estimate changes, currently assigns Bitfarms a rank of 3 (Hold) [6] Industry Context - The Technology Services industry, part of the Business Services sector, holds a Zacks Industry Rank of 82, placing it in the top 34% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

- New private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline- --Operational hashrate of 19.5 EHuM and fleet efficiency of 19 w/TH– This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus d ...

Bitfarms Ltd. (BITF) ended the recent trading session at $1.03, demonstrating a +0.98% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.74%. Elsewhere, the Dow gained 0.05%, while the tech-heavy Nasdaq added 1.26%.Shares of the company witnessed a gain of 7.02% over the previous month, beating the performance of the Business Services sector with its loss of 4.61% and the S&P 500's loss of 4.77%.The investment community will be closely monitorin ...

NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of  Bitfarms Ltd. (“Bitfarms” or the “Company”) (NASDAQ: BITF).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Bitfarms and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.  [Click here for information about joining the class action] On December 9, ...