Bit Digital Securities Litigation

United States District Court, Southern District of New York 
Lead Case No. 1:21-cv-00515-ALC


If you purchased or acquired the common stock of Bit Digital, Inc. between December 21, 2020 and January 11, 2021, you are a member of the Class and may be entitled to a payment. Your legal rights will be affected whether you act or not.


This website relates to a proposed Settlement of claims in a pending Action brought by investors alleging, among other things, that Defendants violated the federal securities laws by making materially false and misleading statements, by failing to disclose material adverse facts about the Company’s Bitcoin mining operations, its entrance into the Bitcoin industry, and the extent of its operations. The Defendants deny each and every claim and contention alleged in the Action and deny any misconduct or wrongdoing whatsoever. The proposed Settlement, if approved by the Court, will settle all claims of the Class.

Subject to Court approval, Lead Plaintiff, on behalf of himself and the Class, has agreed to settle the Action in exchange for a settlement payment of $2,100,000 in cash to be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (i) the amount of the Fee and Expense Award and any award to Lead Plaintiff as allowed under the PSLRA, if and to the extent allowed by the Court; (ii) Notice and Administration Expenses; (iii) Taxes and Tax Expenses; and (iv) any other fees or expenses approved by the Court. The Net Settlement Fund will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Class. 

Your Legal Rights and Options in the Settlement

Submit a claim.
The Claim Form deadline has passed. Claim Forms must have been submitted online or postmarked no later than March 21, 2023.

This is the only way to be eligible to receive a payment from the Settlement Fund.  If you are a Class Member and you remain in the Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Claims (defined below) that you have against Defendants and the other Released Defendant Parties (defined below), so it is in your interest to submit a Claim Form.

Exclude yourself.

The exclusion deadline has now passed.  Exclusion requests must have been received no later than February 14, 2023.

If you exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement Fund.  This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Released Defendant Parties concerning the Released Claims. 

Object.

The objection deadline has now passed. A written objection must have been received no later than February 14, 2023.

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them.  You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Class Member and do not exclude yourself from the Class. 

Appear at a hearing.

 

The Settlement Hearing took place on March 7, 2023.  The Settlement was approved.   

Filing a written objection and notice of intention to appear by February 14, 2023 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses.  If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.

Do nothing.

If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.



This website is authorized by the Court, supervised by counsel and controlled by Kroll Settlement Administration, the Settlement Administrator approved by the Court. This is the only authorized website for this case.

Call
1-833-709-0828
Mail
Kroll Settlement Administration
P.O. Box 5324
New York, NY 10150-5324

Documents

Please read for a full explanation of the settlement and your options and all applicable timelines.

Contact

Contact us with any inquiries, comments, and/or requests.

Important Dates

  • Claim Form Deadline

    Tuesday, March 21, 2023 The Claim Form deadline has passed.  You must have submitted your Claim Form online no later than Tuesday, March 21, 2023, or mailed your completed paper Claim Form so that it was postmarked no later than Tuesday, March 21, 2023.
  • Exclusion Deadline

    Tuesday, February 14, 2023

    The exclusion deadline has passed. Requests for exclusion must have been received no later than Tuesday, February 14, 2023. 

  • Objection Deadline

    Tuesday, February 14, 2023 The objection deadline has passed. Any objection(s) and/or notice of intent to appear at the Final Approval Hearing must have been received no later than Tuesday, February 14, 2023. 
  • Final Approval Hearing Date

    Tuesday, March 7, 2023 The Final Approval Hearing took place on Tuesday, March 7, 2023. The Settlement was approved. Please see the Final Approval Order for details.

Important Documents

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