Bitcoin Bull Michael Saylor's Company Strategy Hit with Numerous Lawsuit Shocks! Here is the Critical Date

The Bitcoin-focused investment company Strategy (, formerly known as MicroStrategy), is facing at least five separate class action lawsuits due to an unrealized Bitcoin loss of $6 billion. The lawsuits allege that the company made misleading statements to investors regarding the risks and profitability of Bitcoin.

The first lawsuit was filed by Pomerantz LLP on May 16. However, the other four law firms, Gross Law Firm, Bronstein Gewirtz & Grossman, Kessler Topaz Meltzer & Check, and Levi & Korsinsky, preferred to file separate lawsuits with similar content instead of joining this case.

According to legal experts, this situation is not unusual. Adam Pritchard, a professor at the University of Michigan Law School, stated, "Law firms compete for the lead advisory role in class action securities cases because this role can be very lucrative, with fees potentially reaching tens of millions of dollars."

Each of the lawsuits is based on the allegation that the company made "materially false and misleading" statements regarding the profitability and risks of Bitcoin investments between April 30, 2024, and April 4, 2025.

Professor Ann Lipton from the University of Colorado Law School also emphasized the importance of the lead plaintiff position, stating, "The lead plaintiff controls the case and selects the class attorneys. This is why many firms and plaintiffs file lawsuits to try their luck in strong-looking cases."

Law firms that want to stand out in the lawsuit process are inviting more investors to join the case by publishing public press releases. These statements typically draw attention to the date of July 15; as on this date, the court will select a lead plaintiff, and other cases will be consolidated under this umbrella.

According to Pritchard, the main objective of law firms is to include the investor who has suffered the greatest loss among their plaintiffs. According to the 1995 Private Securities Litigation Reform Act, the lead plaintiff role should be given to the investor who has suffered the greatest loss and voluntarily assumes this role.

Lipton summarizes this situation as follows: “An investor with more losses will scrutinize the case and the lawyers more carefully. Therefore, institutional investors are generally preferred.”

*This is not investment advice.

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