TechFlow News, June 23: According to The Energy Mag, Hut 8 has agreed to pay $2.35 million to settle a proposed securities class-action lawsuit filed by investors over its 2023 merger with U.S. Bitcoin Corp. (USBTC).
The lawsuit alleged that Hut 8 overstated the benefits of the merger and failed to adequately disclose operational issues—specifically concerning power supply and network connectivity—at its King Mountain project in Texas. The settlement remains subject to approval by the U.S. District Court for the Southern District of New York. Documents indicate the settlement amount represents approximately 19.6% of plaintiffs’ estimated maximum recoverable losses of $12.08 million.
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