{"id":81886,"date":"2023-07-19T11:16:15","date_gmt":"2023-07-19T08:16:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81886"},"modified":"2025-09-12T01:44:56","modified_gmt":"2025-09-11T22:44:56","slug":"marathon-shareholders-sue-the-companys-top-management","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/marathon-shareholders-sue-the-companys-top-management\/","title":{"rendered":"Marathon shareholders sue the company&#8217;s top management"},"content":{"rendered":"<p>Investors in the Marathon mining company <a href=\"https:\/\/www.courtlistener.com\/docket\/67570049\/1\/hood-v-thiel\/\">filed a lawsuit<\/a> against CEO Fred Thiel and nine other top executives for the illegal misappropriation of the firm&#8217;s assets for personal gain.<\/p>\n<p>According to the filing, the executives are accused of violating the U.S. Securities Exchange Act, breaching fiduciary duties, unjust enrichment and misappropriation of corporate funds.<\/p>\n<p>The plaintiffs also seek compensation from the top executives for actions that led to <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-receives-renewed-subpoena-from-the-sec\">investigations with the U.S. Securities and Exchange Commission (SEC)<\/a>. The regulator is investigating whether the firm violated any provisions of federal securities laws at one of its facilities.<\/p>\n<p>In November 2021, the miner already <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-shares-slide-after-sec-investigation\">received a subpoena from the SEC<\/a>. At that time, the agency demanded that the company provide documents relating to the same facility.<\/p>\n<p>Shareholders did not seek a specific amount of damages, leaving that to the court&#8217;s discretion. The investors also call for governance changes to strengthen oversight of the board&#8217;s activities and nominate at least four of their own candidates.<\/p>\n<p>According to the prosecutors&#8217; lawyers, Marathon&#8217;s leadership downplays its problems and artificially inflates the company&#8217;s valuation, enabling excessive compensation and profitable insider sales.<\/p>\n<p>In June, the cryptocurrency mining company mined 979 BTC. The figure fell 21% from May&#8217;s record, but was up 599% year on year.<\/p>\n<p>Earlier, Marathon&#8217;s chief <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-ceo-forecasts-exodus-of-miners-amid-rising-us-taxes\">predicted<\/a> an exodus of miners to offshore jurisdictions due to higher US taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors in the Marathon mining company filed a lawsuit against CEO Fred Thiel and nine other top executives for the illegal misappropriation of the firm&#8217;s assets for personal gain.<\/p>\n","protected":false},"author":1,"featured_media":81887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1185],"class_list":["post-81886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-marathon-digital-holdings"],"aioseo_notices":[],"amp_enabled":true,"views":"46","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81886"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81886\/revisions"}],"predecessor-version":[{"id":81888,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81886\/revisions\/81888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81887"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}