TechFlow news, June 27 — According to Decrypt, Strategy, a major Bitcoin holder, is now facing at least five class-action lawsuits filed by law firms over public statements related to its Bitcoin investments, which are alleged to constitute securities fraud. Legal experts note it's common in such cases for multiple law firms to compete for lead plaintiff status, as the lead firm typically receives substantial legal fees. The lawsuits stem from Strategy’s purchase of $7.7 billion worth of Bitcoin in the first quarter of 2024, which has since incurred nearly $6 billion in unrealized losses due to falling prices. Strategy has responded in SEC filings that it intends to vigorously defend against the allegations but cannot predict the outcome of the litigation.
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