Strategy hit with class action lawsuit alleging it made misleading statements about Bitcoin strategy

Odaily Planet Daily News According to the Form 8-K document submitted by Strategy to the SEC, on May 16, the company and its CEO Michael Saylor, CFO Phong Le and executive Andrew Kang were sued in the United States District Court for the Eastern District of Virginia. Plaintiff Anas Hamza, on behalf of the collective investors from April 30, 2024 to April 4, 2025, accused the company of violating relevant provisions of the Securities Exchange Act. The plaintiff claimed that the defendant made false or misleading statements about the company's Bitcoin investment strategy and expected profitability of financial operations, failed to disclose relevant information and Bitcoin volatility risks, and failed to disclose the scale of losses that may be recognized after adopting new accounting standards. The complaint requires payment of unspecified damages, etc. Strategy said it will actively defend, but it is currently unable to predict the results or provide loss estimates.