Bragar Eagel & Squire, P.C. Reminds Investors in Bitfarms or Reddit of The Class Action Lawsuits Filed and Urges Investors to Inquire About Their Rights
If you purchased or acquired securities in any of the above companies during their class period and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Marion Passmore directly at (212) 355-4648
NEW YORK, Aug. 02, 2025 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Bitfarms Ltd. (NASDAQ: BITF) and Reddit, Inc. (NYSE:RDDT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Bitfarms Ltd. (NASDAQ: BITF)
Class Period: March 21, 2023 and December 9, 2024
Lead Plaintiff Deadline: July 8, 2025
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Bitfarms maintained deficient internal controls over financial reporting; (ii) as a result, the Company incorrectly categorized proceeds derived from the sale of digital assets as a cash flow from operating activities rather than as a cash flow from investing activities; (iii) in addition, the Company overstated the extent to which it had remediated, and/or its ability to remediate, the material weakness in its internal controls over financial reporting related to its classification of the 2021 Warrants; (iv) the foregoing errors caused Bitfarms to misstate various items in several of the Company's previously issued financial statements; (v) as a result, these financial statements were inaccurate and would likely need to be restated; and (vi) as a result, the Company's public statements were materially false and misleading at all relevant times
For more information on the Bitfarms class action go to: https://bespc.com/cases/BITF
Reddit, Inc. (NYSE:RDDT)
Class Period: October 29, 2024 and May 20, 2025
Lead Plaintiff Deadline: August 18, 2025
The complaint alleges that the social media website Reddit receives a significant portion of its user traffic from Google Search, and Reddit's primary source of revenue is generated from advertising to users on its own platform. Throughout the relevant period, Google Search began implementing new Artificial Intelligence ('AI') capabilities such as AI Overview that could change the nature of search results.
Defendants are alleged to have made false and misleading statements, and failed to disclose, that: (i) changes in Google Search's algorithm and features like AI Overview were causing users to stop their query on Google Search; (ii) these algorithm changes were materially different than prior instances of reduced traffic to the Reddit website; (iii) Defendants were aware that the increase in the query term 'Reddit' on search engines was because users were getting the sought after answer from Google Search without having to go to Reddit, and not because they intended to visit Reddit; (iv) this zero-click search reality was dramatically reducing traffic to Reddit in a manner the Company was unable to overcome in the short term; and (v) Defendants, therefore, lacked a reasonable basis for its outlook on user rates and advertising revenues.
On May 1, 2025, after the market close, Reddit issued an earnings release announcing its first quarter 2024 financial results for the period ending March 31, 2025. The earnings release revealed that Reddit had experienced three consecutive quarters of deceleration in daily active user growth.
On this news, the price of Reddit's common stock fell $4.96 per share, or 4.2%, from a closing price of $118.79 per share on May 1, 2025, to a closing price of $113.83 per share on May 2, 2025.
Then, on May 19, 2025, Wells Fargo analysts downgraded Reddit's stock and lowered their price target to $115 per share from a previous $168 per share. Wells Fargo called Google Search's implementation of new AI features as likely 'permanent' disruptions on user traffic for Reddit.
On this news, the price of Reddit's common stock fell $5.24 per share, or 4.6%, from a closing price of $113.23 per share on May 16, 2025, to a closing price of $107.99 per share on May 19, 2025.
Finally, on May 21, 2025, Baird analysts substantially downgraded Reddit's stock, reducing the price target to $120 per share from the previous $140 per share. Citing similar concerns as the Wells Fargo analysts, Baird analysts additionally noted the new and disruptive developments in Google Search that had just been presented at the Google I/O developer conference.
On this news, the price of Reddit's common stock fell $9.79 per share, or 9.3%, from a closing price of $105.64 per share on May 20, 2025, to a closing price of $95.85 per share on May 21, 2025.
For more information on the Reddit class action go to: https://bespc.com/cases/RDDT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com . Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.Brandon Walker, Esq. Marion Passmore, Esq.(212) 355-4648
[email protected]
www.bespc.com
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