NEW YORK, Jan. 30, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Brooge Energy Limited (NASDAQ: BROG), Equity Lifestyle Properties, Inc. (NYSE: ELS), and Hut 8 Corp. (NASDAQ: HUT). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Brooge Energy Limited (NASDAQ: BROG)
On December 22, 2023, the United States Securities and Exchange Commission (“SEC”) announced fraud charges against Brooge, the Company’s former Chief Executive Officer (“CEO”), Nicolaas Lammert Paardenkooper, and its former Chief Strategy Officer and Interim CEO, Lina Saheb. According to the SEC order, before and after going public through a special purpose acquisition transaction, Brooge misstated between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings related to the offer and sale of up to $500 million of securities. Further, the order found that Brooge created false invoices to support inflating revenues from its oil facilities in Fujairah, United Arab Emirates by over $70 million over three years, and that Paardenkooper and Saheb knew, or were reckless in not knowing, of the fraud. The SEC order also found that Brooge provided these false invoices to its auditors to conceal the inflated revenue. In addition, according to the order, Brooge agreed during the SEC’s investigation not to issue the $500 million in securities.
On this news, the Company’s stock price fell sharply during intraday trading on December 22, 2023.
For more information on the Brooge investigation go to: https://bespc.com/cases/BROG
Equity Lifestyle Properties, Inc. (NYSE: ELS)
On January 22, 2024, Equity disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that, after initially concluding that an error in certain of the Company’s previously issued financial statements, “which relates solely to the classification of cash outflows associated with the purchase of manufactured homes in the Consolidated Statements of Cash Flows,” was immaterial, Equity’s Audit Committee subsequently determined that the error was, in fact, material to the financial statements at issue. Accordingly, Equity advised investors that its annual report for 2022 and its quarterly report for the first quarter of 2023 should no longer be relied upon.
On this news, Equity’s stock price fell sharply during intraday trading on January 23, 2024.
For more information on the Equity investigation go to: https://bespc.com/cases/ELS
Hut 8 Corp. (NASDAQ: HUT)
On February 7, 2023, Hut 8 Mining Corp. announced that it was going to merge with U.S. Data Mining Group, Inc. dba US Bitcoin Corp. (“USBTC”) in a $655 million all-stock merger of equals transaction and the combined company would be named Hut 8 Corp. The deal closed on November 30, 2023.
On January 18, 2024, during early trading hours, J Capital Research published a report entitled “The Coming HUT Pump and Dump Management hiding stock ownership through undisclosed related party, a stock-promoter cabal, and a host of left-for-dead assets.” The report alleged that USBTC is backed by promoters with a history of legal issues, one of the major shareholders is an undisclosed related party, USBTC’s core asset is failing to deliver energy and high-speed internet, and USBTC’s co-founder has a history of SEC-defined pump-and-dump schemes.
On this news, the price of HUT shares declined by $2.16 per share, or approximately 23.28%, from $9.28 per share to close at $7.12 on January 18, 2024.
For more information on the HUT investigation go to: https://bespc.com/cases/HUT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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