NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of any person or entity that acquired the securities of Marathon Digital Holdings, Inc. (“Marathon” or the “Company”) MARA between May 10, 2021 and February 28, 2023, both dates inclusive (the “Class Period”).

The lawsuit alleges that the defendants failed to disclose that: (i) the company overestimated the effectiveness of its disclosure controls and procedures and its internal control over financial reporting; (ii) as a result, the Company’s sales and cost of sales during the Class Period were materially misrepresented; and (iii) the foregoing, if known, would be likely to have a material adverse effect on the Company’s financial condition.

On February 28, 2023, the Company issued a press release announc[ing] . . . that it has canceled its fourth quarter and fiscal 2022 webcast and conference call originally scheduled for today, February 28, 2023 at 4:30 p.m. Eastern Time and will postpone the release of its related financial results on the day that announced Company announces receipt of a letter from the SEC alleging accounting errors in the Company’s previously released financial statements. The company informed investors that the “statements are included in the company’s annual report on Form 10-K for the year ended December 31, 2021 and its previously released unaudited condensed consolidated financial statements for the interim periods 2022 and 2021 as set out in the The Company’s quarterly reports on Form 10-Q for the fiscal years ended March 31, 2021 and 2022, June 30, 2021 and 2022, and September 30, 2021 and 2022 . . . should no longer be relied upon” and will be revised formulated.

Also on February 28, 2023, Market Analyst Alpha wanted commented on Marathon’s announcement, saying: “[t]The company said its method for…