Marathon shareholders file lawsuit against company’s top management

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

The company’s management has been downplaying its problems, artificially inflating Marathon’s valuation, receiving excessive compensation, making lucrative insider sales and receiving unjust bonuses.

United States-based crypto mining company Marathon Digital is heading to court after its shareholders alleged that its CEO Fred Thiel, alongside other top executives, breached fiduciary duties, unjustly enriched themselves and wasted corporate assets.in the United States District Court for the District of Nevada on July 8. The company executives are being sued on the basis of five claims. Among them are violations of the U.S.

The plaintiffs also demand a potential contribution from Thiel, Merrick Okamoto, Simeon Salzman and Hugh Gallagher for wrongful acts leading to a U.S. Securities and Exchange Commission complaint against the company. The legal team representing the shareholders didn’t request a specific sum from the defendants, leaving it to the court to decide on any compensation.

The shareholders also aim to correct the company’s governance by strengthening the board’s supervision of operations, nominating at least four candidates from shareholders to the board and eliminating the previous procedure of directors’ elections.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

A shareholder complaint against Fred Thiel and nine other Marathon executives was filed in the United States District Court for the District of Nevada on July 8. The company executives are being sued on the basis of five claims.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in BUSİNESS

Business Business Latest News, Business Business Headlines