In short
- A lawsuit against Bitcoin Treasury strategy has been demolished.
- Just like another lawsuit that was rejected in August, these shady accounting practices claimed.
- A number of lawsuits have been established this year against the strategy, Decrypt previously reported.
Another lawsuit to the shareholders who claims Dodgy accounting practices at Bitcoin Treasury Giant Strategy has been dropped, according to judicial documents.
Documents submitted on Wednesday show the scrapped case, brought by shareholders Abory Parmar and Zhenqiu Chen, had claimed infringements of fiduciary tasks, unjust enrichment, abuse of control and gross malice management in the company.
The dismissal comes only a few weeks after another class-action right case that the company accuses of misleading shareholders about how new accounting rules would influence profitability deleted. That lawsuit, brought in May, was comparable to the June that was rejected on Wednesday.
A number of law firms and shareholders have submitted lawsuits against the company this year and claimed that securities fraud on misleading Bitcoin investment statements.
Experts told Decrypt That it was not unusual for law firms to serve identical lawsuits against a company because they competed to become the main advisor in a consolidated case.
Strategy – Formerly MicroStrategy – is the world’s largest company owner of Bitcoin, with a stock of 638,460 digital coins worth $ 72.5 billion at Today’s prices.
The company was mainly used to sell software for data analyzes, but now buys Bitcoin and has investors buy shares of his Nasdaq-Genten Shares (MSTR) to get exposure to the cryptocurrency, to call itself a Bitcoin-Schatkistbedrijf.
Co-founder of the Michael Saylor company was engaged in Bitcoin in 2020, bought it and claimed that this was the best way to save value and save the money from the shareholders.
Strategy shares have since risen. It acted for $ 14 in the day the company First purchased Bitcoin in August 2020 and now acts for $ 362 – an increase of 2,160%.
Strategy has undergone problems with supervisors in the past. In 2000, Saylor, who at the time was strategy CEO, co-founder and chief operating officer Sanjeev Bansal, and former Chief Financial Officer Mark Lynch organized A case with the SEC, without giving up the income and income of the company or refusing to exceed the income and income of the company.
The three paid $ 10 million in Disgorgement and $ 1 million in fines.
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