Applied Digital Corporation investors: Please contact the Portnoy Law Firm to recover your losses; October 11, 2023 deadline.

10/6/23 7:54:17 PM ET

Finance: Consumer Services

Finance

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Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Applied Digital Corporation ("Applied Digital" or the "Company") (NASDAQ:APLD) investors that a lawsuit filed on behalf of investors that purchased Applied Digital securities between April 13, 2022 and July 26, 2023, both dates inclusive (the "Class Period").

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.

Applied Digital, formerly known as Applied Blockchain, operates datacenters in North America and offers artificial intelligence (AI) cloud services, computing datacenter hosting, and crypto datacenter hosting. The company went public in April 2022, issuing 8 million shares of common stock at $5.00 per share through an IPO. The IPO was underwritten by B. Riley Securities, a subsidiary of B. Riley Financial. Despite close connections between Applied Digital's executives and B. Riley entities, the company assured compliance with NASDAQ listing rules. In May 2023, Applied Digital announced a cloud service for AI applications and entered into a loan agreement with B. Riley entities. Market analysts questioned the viability of the business model, leading to a series of short reports that highlighted potential issues, including inflated profitability claims, lack of board independence, and conflicts of interest. These reports led to stock price drops in July 2023, reflecting concerns about the company's operations, governance, and financial well-being.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.

Admitted CA and NY Bar

[email protected]

310-692-8883

www.portnoylaw.com

Attorney Advertising

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Date	Price Target	Rating	Analyst
6/9/2025	$13.00	Buy → Neutral	Compass Point
5/22/2025	$12.00	Mkt Outperform	Citizens JMP
1/28/2025	$10.00	Buy	Compass Point
12/20/2024	$15.00	Overweight	Cantor Fitzgerald
10/3/2023	$14.00	Buy	ROTH MKM
12/22/2022	$4.00	Buy	H.C. Wainwright

Applied Digital Corporation investors: Please contact the Portnoy Law Firm to recover your losses; October 11, 2023 deadline.

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Recent Analyst Ratings for
$APLD

$APLD
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Director Lee Rachel H. sold $169,484 worth of shares (24,212 units at $7.00), decreasing direct ownership by 22% to 83,613 units (SEC Form 4)

Director Benson Ella G. sold $118,573 worth of shares (18,242 units at $6.50), decreasing direct ownership by 14% to 111,825 units (SEC Form 4)

Chief Financial Officer Mohmand Mohammad Saidal Lavanway converted options into 94,166 shares and covered exercise/tax liability with 22,930 shares, increasing direct ownership by 40% to 251,530 units (SEC Form 4)

Applied Digital Corporation investors: Please contact the Portnoy Law Firm to recover your losses; October 11, 2023 deadline.

Chat with this insight

Recent Analyst Ratings for $APLD

$APLD Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

Director Lee Rachel H. sold $169,484 worth of shares (24,212 units at $7.00), decreasing direct ownership by 22% to 83,613 units (SEC Form 4)

Director Benson Ella G. sold $118,573 worth of shares (18,242 units at $6.50), decreasing direct ownership by 14% to 111,825 units (SEC Form 4)

Chief Financial Officer Mohmand Mohammad Saidal Lavanway converted options into 94,166 shares and covered exercise/tax liability with 22,930 shares, increasing direct ownership by 40% to 251,530 units (SEC Form 4)

Recent Analyst Ratings for
$APLD

$APLD
Insider Trading