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Robbins LLP has filed a class action lawsuit on behalf of investors who purchased Applied Digital Corporation (NASDAQ: APLD) securities between April 13, 2022 and July 26, 2023. The lawsuit alleges that Applied Digital misled investors by overstating the profitability of its datacenter hosting business and its ability to transition into a low-cost AI Cloud services provider, as well as failing to disclose that its Board of Directors was not independent within the meaning of NASDAQ listing rules. On July 6, 2023, market analysts Wolfpack Research and The Bear Cave published reports raising questions about the viability of the Company’s business model.
