APLD Investors Have Opportunity to Lead Applied Digital Corporation Securities Fraud Lawsuit
LOS ANGELES, Sept. 28, 2023 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Applied Digital Corporation ("Applied Digital" or the "Company") (NASDAQ: APLD).
Class Period: April 13, 2022 – July 26, 2023
Lead Plaintiff Deadline: October 11, 2023
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (2) Applied Digital's Board of Directors was not independent within the meaning of NASDAQ listing rules; (3) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; (4) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
