#United States #New York #Pomerantz LLP #Bitfarms Ltd. #BITF

Pomerantz Law Firm Investigates Investors' Claims Against Bitfarms Ltd.

Pomerantz LLP, a renowned law firm in class action litigation, has announced an investigation regarding claims on behalf of investors associated with Bitfarms Ltd. (NASDAQ: BITF). This move comes in the wake of pressing questions concerning the company's adherence to securities laws and the potential for fraud.

The crux of the investigation stems from Bitfarms' disconcerting announcement on December 9, 2024. The company disclosed that its consolidated financial statements for the fiscal years 2022 and 2023 were marred by a material misclassification error concerning the proceeds from digital asset sales. As a result, the company will need to undertake a substantial restatement of these financial documents to ensure accuracy. Furthermore, Bitfarms acknowledged an accounting mistake linked to the redemption of warrants during 2023, which necessitated further adjustments.

This revelation had immediate ramifications on the market. Following the announcement, Bitfarms' stock experienced a decline of $0.13 per share, translating to a 6.07% drop, closing at $2.01 on December 10, 2024. Such volatility prompts significant concern from investors and analysts alike regarding the company's financial integrity and operational transparency.

According to Pomerantz LLP, the ongoing investigation is aimed at discerning whether Bitfarms and its executives have engaged in unlawful business practices or breached their fiduciary responsibilities. Investors who believe they have been adversely affected are encouraged to reach out for additional information or to participate in collective legal action.

Pomerantz LLP has built a solid reputation for its commitment to safeguarding investors’ rights. Founded over 85 years ago by Abraham L. Pomerantz, the firm specializes in corporate, securities, and antitrust class action cases. It has successfully recovered numerous high-value settlements on behalf of affected investors in prior litigations.

As the investigation unfolds, it underscores the critical need for transparency and accountability in publicly traded companies, especially in a rapidly evolving sector such as cryptocurrency and digital assets. Investors are advised to remain vigilant and informed amidst these developments, as the outcomes could influence investor confidence and market dynamics.

For those seeking further details or wishing to join Pomerantz LLP's class action, they can contact attorney Danielle Peyton directly via email or phone. The law firm remains dedicated to pushing for justice and reparation for victims of securities fraud and corporate malfeasance.

In conclusion, the ongoing investigation into Bitfarms Ltd. illustrates the complexities and challenges within the financial and technological landscapes. Investors should carefully monitor the situation as it continues to develop.

For more information about the claims or to reach out, contact:
Danielle Peyton
Pomerantz LLP
Email: [email protected]
Phone: 646-581-9980 ext. 7980

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This situation serves as a reminder of the importance of accurate financial reporting and ethical corporate governance. Investors of Bitfarms should stay informed and proactive in protecting their interests as this investigation progresses.