Bitfarms .(BITF) Prnewswire·2025-05-30 00:02Core 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 deficient internal controls over financial reporting, resulting in misclassification of cash flows from digital asset sales [2]. - Bitfarms incorrectly categorized proceeds from digital asset sales as cash flow from operating activities instead of investing activities, leading to inaccuracies in financial statements [2]. - The company overstated its ability to remediate material weaknesses in internal controls, which contributed to the misstatements in previously issued financial statements [2]. Group 2: Impact on Stock Price - Following the announcement of the need to restate financial statements due to material errors, Bitfarms' stock price fell by 2.01 per share on December 10, 2024 [3]. Group 3: Class Action Participation - Shareholders interested in participating in the class action against Bitfarms must file their papers by July 8, 2025, to serve as lead plaintiff [4]. - Shareholders can remain absent class members and still be eligible for recovery without participating in the case [4]. Group 4: Company Background - Robbins LLP is a recognized leader in shareholder rights litigation, focusing on helping shareholders recover losses and improve corporate governance since 2002 [5].