NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that a class action lawsuit has been filed against Core Scientific, Inc. (“Core Scientific”). or the “Company”) CORZ in the United States District Court of Western Texas Austin Division on behalf of all individuals and entities that purchased or otherwise acquired Core Scientific securities between 3 January 2022 and 26 October 2022, both dates inclusive (the “Collection Period” ). Investors have until January 13, 2023 to petition the court to be named lead plaintiff in the lawsuit.

click here to take part in the action.

Core Scientific is a blockchain computing data center provider and digital asset mining company. It mines digital assets for its own account and offers hosting services to other large miners. It was formed through a business combination with Power & Digital Infrastructure Acquisition Corp. (“XPDI”), consummating on January 19, 2022 (the “Business Combination”), into a public company.

On March 3, 2022, Culper Research released a report on Core Scientific alleging, among other things, that the company had overstated its profitability and that the company’s largest customer lacked the financial resources to deliver the equipment under its contract.

On the news, Core Scientific stock fell $0.72, or 9.4%, to close at $6.98 on March 3, 2022, hurting investors.

On September 28, 2022, Celsius Network LLC and its affiliates filed a motion to enforce the automatic stay and civil inconvenience in a bankruptcy filing, alleging that Core Scientific “knowingly and repeatedly violated the provisions of the automatic stay.” by refusing to fulfill its contractual obligations. Threatening to terminate the companies’ agreement and adding unreasonable surcharges.

As a result of this news, Core Scientific’s share price fell $0.15, or 10.3%, to close at $1.30 on September 29, 2022, hurting investors.

On 10/27/2022…