Hut 8 Corp. (HUT) has agreed to pay $2.35 million to settle a proposed securities class action brought by investors who alleged the bitcoin (BTC) miner misled the market about operational problems tied to its 2023 merger with U.S. Bitcoin Corp.
The proposed settlement covers investors who purchased or acquired Hut 8 securities in the U.S. or on a U.S.-based exchange between Feb. 13, 2023, and Jan. 18, 2024, according to a court filing submitted Monday in the U.S. District Court for the Southern District of New York.
It still requires preliminary and final approval from U.S. District Judge Victor Marrero. Hut 8 did not admit wrongdoing and has denied violating the law or causing investor losses.
Disclosure claims
The case centered on Hut 8's all-stock combination with U.S. Bitcoin Corp., or USBTC, which closed in November 2023 after an initial February announcement, forming the current Hut 8 Corp.
