{"id":"d28df7de-82fe-4646-8e04-9d300968ccd8","slug":"cleanspark-securities-class-action-2021","kind":"regulatory_action","headline":"Securities class action filed against CleanSpark alleging material misstatements about ATL Data Centers acquisition","summary":"On January 20, 2021, Scott Bishins filed a class action complaint in the Southern District of New York against CleanSpark, CEO Zachary Bradford, and CFO Lori Love, alleging the company failed to disclose that it had overstated customer and contract figures and that several acquisitions involved undisclosed related party transactions. An amended complaint filed February 28, 2022 added Matt Schultz as a defendant and alleged material misstatements about the ATL Data Centers acquisition, including that an ATL predecessor had filed for bankruptcy six months prior and that a related party had performed an audit. 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The fleet runs on competitively priced energy including hydroelectric and stranded energy sources.","formFactor":"other","industryVertical":null,"environment":null,"maturityStage":"production","lifecycleState":"active","supersededByModelId":null,"specs":{"power_mw":"808","hashrate_eh_s":"50.0","energy_sources":"hydroelectric, stranded energy, grid mix","deployed_miners":"241227","bitcoin_holdings":"13011 BTC","facilities_count":"~20","states_operating":"Georgia, Tennessee, Mississippi, Wyoming, New York","power_under_contract_mw":"987"},"manufacturerSerial":null,"reviewStatus":"reviewed","sources":[{"url":"https://investors.cleanspark.com/news/news-details/2025/CleanSpark-Reports-Transformative-FY-2025-Results/default.aspx","label":"CleanSpark Reports Transformative FY 2025 Results","title":"CleanSpark Reports Transformative FY 2025 Results","mediaType":"article","sourceName":"CleanSpark IR"}],"aliases":[],"collisionRisk":"low","reviewNote":null,"manufacturerTermForTeleop":null,"keyFacts":[{"label":"Form Factor","value":"Bitcoin mining infrastructure"},{"label":"Maturity","value":"Production"}],"createdAt":"2026-08-18T05:03:11.423Z","updatedAt":"2026-08-18T05:04:48.255Z","unitsInFieldClaimed":null,"unitsInFieldVerified":null,"unitsManufacturedClaimed":null,"unitsManufacturedVerified":null,"unitsAsOf":null,"unitsSource":null,"salesModel":null,"priceUndisclosedSince":null,"autonomyClass":null,"autonomyStatement":null,"autonomyStatementSource":null,"demoForensics":null,"exportControlClass":null,"minCommitment":null,"warrantyTerms":null,"serviceModel":null,"productionRateClaimed":null,"productionRateEvidenced":null,"teleopRatioDisclosed":null,"interventionRateDisclosed":null},"deployment":{"id":"e63cf3f9-6f93-49cf-b3b2-633b7123a3a5","modelId":"868788fe-84b8-4b69-be17-9f4942eec0aa","versionId":null,"locationId":"c2363040-6f01-490b-b54f-3da0bbe6d8bd","operatorId":"2ed9c726-41dd-4440-88b3-c8e2b4de895c","ownerId":null,"slug":"cleanspark-bitcoin-mining-fleet-mountain-city-tennessee-usa","status":"announced","firstSeen":"2025-02-01T00:00:00.000Z","statusChangeReason":null,"contractType":null,"pilotOutcome":null,"endedAt":null,"unitsOnSite":null,"tasksPerformed":["inventory"],"shiftStructure":null,"hoursPerDay":8,"siteType":"mine","operatorConfirmed":null,"humanSupervisionOnsite":null,"locationPrecisionTier":"verified_coordinates","deploymentScale":"small_2_10","siteEnvironment":"outdoor","operatorType":null,"sourceQualityTier":2,"manufacturerSerial":null,"reviewStatus":"reviewed","sources":[{"url":"https://www.lpm.org/news/2025-08-15/tennessee-town-pushes-back-over-proposed-bitcoin-mine-and-wins","label":"How one rural Tennessee town pushed back over a proposed Bitcoin mine","title":"How one rural Tennessee town pushed back over a proposed Bitcoin mine","mediaType":"article","sourceName":"LPM","publishedAt":"2025-02-01"}],"notes":"Proposed 30MW bitcoin mining facility on 50 acres at 178 Rainbow Road. Facing strong local opposition; Mountain City council voted against the project but Johnson County remains undecided.","keyFacts":[],"reviewNote":"Bulk approved — pre-existing deployment record","exposureHours":null,"deploymentMilesEstimate":null,"exposureBasis":null,"customerSegment":"research","scaleTier":"pilot_lt10","contractValueUsd":null,"contractValueBasis":null,"customerCompanyId":null,"customerExternalName":null,"createdAt":"2026-08-18T05:03:59.965Z","updatedAt":"2026-08-21T14:23:50.424Z"},"company":{"id":"2ed9c726-41dd-4440-88b3-c8e2b4de895c","name":"CleanSpark","slug":"cleanspark","description":"CleanSpark (NASDAQ: CLSK) is America's largest publicly-traded Bitcoin mining company by hashrate, operating over 50 EH/s across ~20 data centers in Georgia, Tennessee, Mississippi, Wyoming, and New York. 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An amended complaint filed February 28, 2022 added Matt Schultz as a defendant and alleged material misstatements about the ATL Data Centers acquisition, including that an ATL predecessor had filed for bankruptcy six months prior and that a related party had performed an audit. The case was pending a motion to dismiss as of the FY2022 10-K filing.","identifier":"d28df7de-82fe-4646-8e04-9d300968ccd8","datePublished":"2021-01-20T00:00:00.000Z","articleSection":"regulatory action","publisher":{"@id":"https://deploy.report/#organization"},"author":{"@id":"https://deploy.report/#organization"}},"framework_metadata":{"framework_schema_version":"0.1.0","verification_status":"verified","maturity_stage":null,"lifecycle_state":null,"architectural_position":{"cohort":null,"sub_cohorts":[]},"within_cohort_verified_vs_claimed_pair":null,"cap_flags":[],"verification_depth":{"sources_count":1,"primary_source_types":["primary-sec-filing"]}}}