LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Greenidge Generation Holdings Inc. (“Greenidge” or “the Company”) (NASDAQ: GREE) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The New York State Department of Environmental Conservation (“DEC”) issued a statement about Greenidge on June 30, 2022. The DEC announced “its denial of the Title V air permit renewal for the Greenidge Generation, LLC, facility located in the town of Torrey, Yates County.” DEC added it had “determined the permit renewal application does not demonstrate compliance with the requirements of the Climate Leadership and Community Protection Act. Based on DEC’s review of the specific facts and circumstances presented, this natural gas-fired facility’s continued operations would be inconsistent with the statewide greenhouse gas emission limits established in the Climate Act.” DEC specified that “among the factors considered was the dramatic increase in greenhouse gas emissions from the facility since the passage of the Climate Act, driven by the change in the primary purpose of its operations. Rather than solely providing energy to the state’s electricity grid, the power plant now primarily provides energy behind-the-meter to support the demands of Greenidge’s energy-intensive proof of work cryptocurrency mining operations.” Based on this news, shares of Greenidge dropped by more than 7% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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