Applied Digital Corp.

McConnell v. Applied Digital Corporation et al., (Case No. 3:23-cv-01805), N.D. Tex.

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On July 6, 2023, both The Bear Cave and Wolfpack Research issued short reports alleging issues at Applied Digital Corp. Both reports highlight the numerous changes to the Company’s business model since becoming a publicly traded company, as well as concerns regarding related party transactions, governance, and potential conflicts of interest.

Shares of Applied Digital stock dropped as much as 19% in intraday trading on July 6, 2023.

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