Investors in Applied Digital Corporation Encouraged to Participate in Class Action Lawsuit

The Gross Law Firm is urging shareholders who purchased shares of Applied Digital Corporation (APLD) between April 13, 2022, and July 26, 2023, to consider contacting the firm about potential appointment as lead plaintiff in a class action lawsuit. The complaint alleges that during the mentioned period, the company issued materially false and/or misleading statements, exaggerating the profitability of its datacenter hosting business and the successful transition into a low-cost AI Cloud services provider. It is also claimed that Applied Digital’s Board of Directors did not meet the requirements for independence according to NASDAQ listing rules. Consequently, the efficacy of the company’s business model was overstated, and proper corporate governance standards were not maintained.

Once these allegations were revealed, it was expected that Applied Digital would face significant financial and reputational harm. As a result, the company’s public statements were considered materially false and misleading. Shareholders who purchased APLD shares within the specified timeframe are urged to register for the class action lawsuit before the October 11, 2023 deadline.

To participate in the lawsuit, shareholders must register their information on the Securities Class Law website. Upon registration, shareholders will be enrolled in a portfolio monitoring software to receive updates on the progress of the case. There is no cost or obligation for shareholders to participate.

The Gross Law Firm, a nationally recognized class action law firm, is dedicated to protecting the rights of investors who have suffered losses due to fraud, deceit, and illegal business practices. The firm seeks recovery on behalf of investors who experienced financial losses as a result of false statements or the omission of material information that led to the artificial inflation of a company’s stock.

Contact information for The Gross Law Firm: 15 West 38th Street, 12th floor, New York, NY, 10018. Email: [email protected] Phone: (646) 453-8903.

Sources:
– The Gross Law Firm