#United States #New York #Class Action #Gross Law Firm #Bitfarms Ltd.

Bitfarms Ltd. Sued for Securities Law Violations

On July 7, 2025, the Gross Law Firm announced a class-action lawsuit against Bitfarms Ltd. (NASDAQ: BITF), a notable player in the cryptocurrency industry. This legal action arises from allegations that the company committed significant violations of securities laws. Shareholders who purchased Bitfarms shares during the class period, from March 21, 2023, to December 9, 2024, are urged to reach out to the Gross Law Firm for guidance and potential participation as lead plaintiffs.

Allegations Against Bitfarms Ltd.

At the heart of the lawsuit are accusations that Bitfarms issued materially misleading statements and failed to disclose critical information during the class period. The specific allegations include:

1. Deficient Internal Controls: It is claimed that Bitfarms had inadequate internal controls over its financial reporting.
2. Misclassification of Cash Flows: The company allegedly misclassified proceeds from digital asset sales, indicating them as cash flow from operating activities instead of cash flow from investing activities. This misrepresentation could lead to serious implications for financial reporting accuracy.
3. Overstated Remediation Efforts: The lawsuit alleges that Bitfarms overstated its ability to correct identified weaknesses in its reporting practices concerning the classification of 2021 Warrants, raising concerns about the transparency of the company's financial practices.
4. Previous Financial Statements: The errors caused Bitfarms to misstate various items across several of its previously issued financial statements, which may require restatements as a result of their inaccuracies.
5. Misleading Public Statements: Throughout the relevant period, the company’s public statements are deemed materially false and misleading, which misled investors regarding the firm’s financial health.

These actions have led to grievances among shareholders, prompting them to seek legal recovery for the losses incurred.

Next Steps for Shareholders

The deadline for shareholders looking to be lead plaintiffs in the case is July 8, 2025. For those who wish to register, the Gross Law Firm has provided a straightforward submission form, which can be accessed through their website. By registering, shareholders will be enrolled in portfolio monitoring software to keep them updated on the case's progress.

Importantly, becoming a lead plaintiff is not a prerequisite for recovering losses in this situation. Thus, shareholders are encouraged to act without delay to secure their potential claims.

The Gross Law Firm’s Commitment

The Gross Law Firm is known for its dedication to protecting the rights of investors affected by deceitful or unethical practices in the business world. With a reputation as a nationally recognized class action law firm, their mission emphasizes the importance of transparent business conduct and corporate responsibility. By taking on this case, the Gross Law Firm aims to hold Bitfarms accountable for the misinformation that has reportedly harmed its investors.

Should you require assistance or wish to discuss this case further, you can reach The Gross Law Firm at:

• - Address: 15 West 38th Street, 12th Floor, New York, NY 10018
• - Email: [email protected]
• - Phone: (646) 453-8903

In conclusion, shareholders are advised to remain vigilant regarding their investments and the potential impacts of this lawsuit on Bitfarms Ltd. The outcome may greatly influence the company’s future and the financial recovery for its shareholders.