A lawsuit against Bitcoin miner Northern Data was dismissed after ex-employees retracted key allegations, acknowledging potential misstatements in their claims.

Bitcoin Miner Northern Data Lawsuit Dismissal

Bitcoin miner Northern Data saw a lawsuit from two former executives dismissed after they retracted allegations of wrongful termination and whistleblower retaliation, acknowledging potential misunderstandings in their initial claims.

The suit, filed by former chief operating officer Joshua Porter and former chief financial officer Gulsen Kama, initially claimed wrongful termination and whistleblower retaliation. They alleged the firm engaged in questionable financial practices, including tax evasion and misleading investors about its solvency. The two executives claimed Northern Data concealed financial liabilities while holding limited cash reserves, potentially risking insolvency if audited.

Retraction of Allegations

In the plaintiffs’ signed statements, both indicated they may have “misstated and/or misunderstood” facts, retracting claims of whistleblower retaliation. They acknowledged their departures were not due to whistleblowing.

Northern Data welcomed the dismissal, emphasizing the firm’s focus on transparency. A spokesperson for the firm stated,

“Integrity and transparency are at the heart of everything we do.”

Future Prospects for Northern Data

In early October, reports indicated that Northern Data is considering a U.S. IPO for its AI division, with an estimated valuation of $16 billion. The lawsuit’s dismissal removes a potential obstacle as the company moves forward with public offering plans and continues to expand in the AI sector.

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