NEW YORK, Oct. 27, 2022 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of Core Scientific, Inc. shareholders. CORZ based on allegations that Core Scientific has disclosed potentially materially misleading business information to the investing public.

SO WHAT: If you have purchased Core Scientific securities, you may be entitled to compensation without payment of out-of-pocket expenses or costs through a contingency fee arrangement. Law firm Rosen is preparing a class action lawsuit to recover investor losses.

WHAT TO DO NEXT: To participate in the prospective class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=3932 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email pkim@rosenlegal.com or cases@rosenlegal.com for information about the Class Action.

WHAT IS THIS ABOUT: On September 28, 2022, Celsius Network LLC and affiliates filed a motion for enforcement of automatic stay and civil inconvenience in a bankruptcy filing, alleging that Core Scientific “knowingly and repeatedly violated the automatic stay provisions of 11 USC § 362 (a) violated”. by refusing to perform their contractual obligations, threatening to terminate the affiliate agreement and imposing unreasonable surcharges. On the news, Core Scientific stock fell 10% to close at $1.30 per share on September 29, 2022.

Then, on October 27, 2022, before the close of trading, Core Scientific filed an update report on Form 8-K with the SEC, noting several issues with the company and stating that the company “may potentially seek relief under applicable bankruptcy or insolvency laws.” . In the event of bankruptcy or bankruptcy proceedings, or a reorganization of our capital structure, holders of our common stock could suffer a total loss of their investment.”

The current report also revealed that “[a]On October 26, 2022, the company held 24 bitcoins and approximately $26.6 million in cash compared to 1,051…