Overview
- Plaintiffs filed Ismail N. Sakar v. Bitdeer Technologies Group (Case No. 1:25-cv-10069) in the U.S. District Court for the Southern District of New York.
- The suit covers purchases from June 6, 2024 to November 10, 2025 and alleges Bitdeer misled investors about SEAL04 readiness, a 5 J/TH efficiency target, and mass production projected for Q2 2025, citing reported design issues, a dual-track redesign, and early samples at 6–7 J/TH.
- On November 10, 2025 the company reported a net loss of $266.7 million, or $1.28 per share, attributing much of the shortfall to ASIC R&D and disclosing that SEAL04 development was significantly delayed.
- Shares fell 14.9% to $15.02 on November 11, 2025 following the quarterly disclosure and dropped another 20.3% to $11.11 on November 13 after additional company news.
- Bitdeer reported a fire at its under-construction Massillon, Ohio site, stating two of 26 buildings were damaged, while multiple firms including Levi & Korsinsky, Faruqi & Faruqi, Holzer & Holzer, and Robbins LLP began investor outreach for the case.