SAN DIEGO, Sept. 20, 2023 (GLOBE NEWSWIRE) --
Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Applied Digital Corporation (NASDAQ:APLD) securities between April 13, 2022 and July 26, 2023. Applied Digital, originally known as Applied Blockchain, designs, develops, and operates datacenters in North America, and provides artificial intelligence ("AI") cloud services, computing datacenter hosting, and crypto datacenter hosting services.
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What is this Case About: Applied Digital Corporation (APLD) Misled Investors Regarding the Efficacy of its Business Model
According to the complaint, during the class period, defendants failed to disclose that: (i) 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; (ii) Applied Digital's Board of Directors was not independent within the meaning of NASDAQ listing rules; and (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards.
On July 6, 2023, market analysts Wolfpack Research and The Bear Cave ...