Bitfarms .(US:BITF) GlobeNewswire News Room·2025-06-10 17:04Core Viewpoint - A class action securities lawsuit has been filed against Bitfarms Ltd. alleging securities fraud that affected investors between March 21, 2023, and December 9, 2024 [1][2]. Group 1: Allegations and Financial Reporting Issues - The lawsuit claims that Bitfarms had inadequate internal controls over financial reporting [2]. - It is alleged that the company misclassified proceeds from the sale of digital assets, categorizing them as cash flow from operating activities instead of investing activities [2]. - The complaint also states that Bitfarms overstated its ability to remediate material weaknesses in its internal controls related to the classification of the 2021 Warrants [2]. - These errors led to misstatements in several previously issued financial statements, which are now deemed inaccurate and likely to require restatement [2]. - Consequently, the public statements made by the company were materially false and misleading during the relevant time [2]. Group 2: Legal Process and Participation - Investors who suffered losses in Bitfarms Ltd. during the specified timeframe have until July 8, 2025, to request appointment as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].