Strategy hit with class-action lawsuit
Bitcoin’s buying machine Strategy disclosed it’s been hit by a class-action lawsuit, which alleges the company “made false and/or misleading statements with respect to and/or failed to disclose information with respect to the anticipated profitability of our bitcoin-focused investment strategy and treasury operations,” according to an SEC filing.
The class-action suit seeks “to recover damages caused by Defendants’ violations of the federal securities laws,” a May 18 press release from the Pomerantz law firm said.
The news isn’t hurting shares of the largest corporate bitcoin holder, which were up slightly Monday morning.
Meanwhile, Chairman Michael Saylor seemed unfazed by the suit, hinting on Sunday about buying more bitcoin and announcing that purchase today.
The company acquired 7,390 bitcoin for $764.9 million. It now holds 576,230 bitcoin, more than the combined holdings of the US and China.
The news isn’t hurting shares of the largest corporate bitcoin holder, which were up slightly Monday morning.
Meanwhile, Chairman Michael Saylor seemed unfazed by the suit, hinting on Sunday about buying more bitcoin and announcing that purchase today.
The company acquired 7,390 bitcoin for $764.9 million. It now holds 576,230 bitcoin, more than the combined holdings of the US and China.
