Michael Saylor reiterated that the approach will buy more Bitcoins, even the company formerly known as microstrategy and the top copper has been hit by an investor’s laws
Saylor Na -Post a chart showing Strategy past bitcoin (Btc) Purchases on X on Sunday with the caption: “Nothing stops this orange.”
His past Similar posts of cryptic x became precursor in the approach to buying bitcoin. The company has the largest Bitcoin handling of all public companies at 592,100 BTC, worth nearly $ 59.7 billion, with bitcoin trading at just $ 101,000.
Top Execs of Strategy filed more than $ 5.9 billion Bitcoin loss
Saylor’s post came after her, strategy, and the top executives of the company were charged with an investor on Thursday claiming they violated their duties of certainty before reporting a multibillion-dollar loss of bitcoin in the first quarter results.
The shareholder derivative complaint of Abhey Parmar, has reached a court of federal Virginia, allegedly Saylor, approach to CEO Phong Le, financial leader Andrew Kang and four board directors “made material false and misleading statements” about changing accounting skills.
The complaint said that in January, the strategy implemented a rule of financial criteria that occurred one month earlierallowing crypto corporate holders to use the estimated market value of their crypto in their balance sheets.
The suit allegedly the accounting change has caused the approach to record a $ 5.9 billion that did not realize its Bitcoin loss for Q1 results shared in early April, which caused the company’s stock price drop by nearly 9%.
Shares to Microstrategy Inc. (MSTR) reached about 28% this year, returning from a low under just $ 238 in early April. Source: Finance on Google
Leading up to the results, the complaint claimed by the executives of the approach “failed to accurately reveal the full range” of the possible effects of accounting change and they did not reveal that “the risks associated with bitcoin’s volatility are greater than the representative.”
“The company’s profitability when applying the investment strategy driven by Bitcoin and Treasury options is less profitable than the representative,” the suit claimed.
Execs of strategy are said to make $ 31 million with “enlarged” sales of stock
The complaint also accused the strategy executives of “participating in the vibrant -insider sales” of the company’s stock as it was “artificially enlarged” before the impact of accounting changes.
Trading, Parmar claimed, saw executives nearly $ 31.5 million.
Related: Michael Saylor’s approach approach is not ‘unreasonable’: Adam back
The complaint also accused the executives of abusing their control, gross mismanagement and waste of corporate assets.
Class action expresses the approach that is incorrectly expressed investment in Bitcoin
The approach is that -hit too A suggested act in class action In mid-May, as well as the adoption of the FASB Crypto Accounting Rule which is said to have contributed to Q1 losses.
That is The appropriate.
The approach was stated in a regulation of filing in response to the suggested class action that “it is eager to defend against these claims.”
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