Strategy and its executives are being sued for making false statements about their bitcoin investment strategy
2025-05-19 12:26:47
On May 16, 2025, a class action lawsuit against Strategy and its executives, including Michael J. Saylor, PhongLe, and Andrew Kang, was filed in Federal Court for the Eastern District of Virginia, according to Strategy's SEC filings. The plaintiffs allege that the defendants violated Sections 10 (b) and 20 (a) of the Securities Exchange Act and its associated rules between April 30, 2024 and April 4, 2025, including: making false and/or misleading statements about the expected profitability of the company's bitcoin investment strategy; failing to disclose risks associated with bitcoin volatility, and material losses that may result under the Accounting Standards Update (ASU 2023-08). The lawsuit seeks to indemnify investors for losses they may suffer as a result of the actions described above.
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