MicroStrategy Incorporated d/b/a Strategy (NASDAQ: MSTR) Securities Fraud Class Action

Case Background:

This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired MicroStrategy Incorporated d/b/a Strategy (“MicroStrategy”) (NASDAQ: MSTR) securities between April 30, 2024 and April 4, 2025, inclusive (the “Class Period”).

MicroStrategy, together with its subsidiaries, provides enterprise analytics software and services purportedly powered by artificial intelligence.  Since 2020, MicroStrategy has increasingly focused on purchasing and holding bitcoin, a type of crypto-currency, as a long-term business strategy.  In October 2023, this strategy became so central to MicroStrategy’s operations that it began referring to itself as a “Bitcoin Treasury Company” that primarily uses proceeds from equity and debt financings, as well as cash flows from its operations, to accumulate bitcoin, which serves as its primary treasury reserve asset.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding MicroStrategy’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the anticipated profitability of MicroStrategy’s bitcoin-focused investment strategy and treasury operations was overstated; (2) the various risks associated with bitcoin’s volatility and the magnitude of losses MicroStrategy could recognize on the value of its digital assets following its adoption of ASU 2023-08 were understated; and (3) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

Current Status of Case:
On August 28, 2025, Lead Plaintiffs filed a Notice of Voluntary Dismissal. This action has concluded.

If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at [email protected]. If you would like additional information about the suit, please click on the link “Submit Your Information” above and fill out the form as promptly as possible.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.