Applied Digital Lawsuit Loss Submission Form

The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Applied Digital Corporation (NASDAQ: APLD) who purchased securities between April 13, 2022 and July 26, 2023. The action, which was filed in the United States District Court for the Northern District of Texas, alleges that the Company violated federal securities laws.

In particular, the Applied Digital lawsuit alleges that (i) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Shareholders have until October 11, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

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