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INVESTOR ALERT: Class Action Lawsuit Filed on Behalf of Bitfarms Ltd. (BITF) Investors – Holzer & Holzer, LLC Encourages Investors With Significant Losses to Contact the Firm
Bitfarms .Bitfarms .(US:BITF) GlobeNewswire News Room·2025-05-12 15:54

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]