Rosen Law Firm has launched an investigation into Strategy (formerly MicroStrategy), inviting investors who purchased the company’s securities to participate in a potential class action lawsuit.

The law firm said it is examining whether Strategy and certain executives made materially misleading statements regarding the company’s business operations, Bitcoin treasury strategy, profitability, and the risks associated with its aggressive Bitcoin accumulation model.

Details of the MicroStrategy Lawsuit

The investigation covers several Strategy-linked securities, including MSTR, STRF, STRC, STRK, and STRD. Rosen has created a dedicated webpage allowing affected investors to join the probe.

The development follows a period of heightened scrutiny around Strategy’s capital structure and its growing reliance on multiple classes of securities to fund Bitcoin purchases.

While the investigation does not allege wrongdoing, it comes amid sharp volatility across several Strategy-related instruments.

One security attracting particular attention is STRC, Strategy’s perpetual preferred stock.

Why Arkham Says STRC Is Different From LUNA

Blockchain analytics platform Arkham recently addressed comparisons between STRC and the collapsed Terra ecosystem, arguing that the situations are fundamentally different.

“IS STRC THE NEXT LUNA? Short answer – not quite,” Arkham wrote in a post on X.

Follow us on X to get the latest news as it happens

The firm stressed that Strategy is under no legal obligation to maintain STRC’s market price, distinguishing it from algorithmic stabilization mechanisms that contributed to Terra’s collapse.

“Unlike Terra LUNA, Saylor cannot ‘get liquidated’ if STRC falls in value,” Arkham said, adding that “the price of STRC simply reflects the market’s view of how likely Saylor is to continue paying dividends.”

Arkham also highlighted a key risk facing preferred shareholders, noting that dividend payments remain discretionary.

“Crucially: Strategy does not legally have to pay these dividends,” the analytics firm wrote. “If Strategy gets in trouble, Saylor does not have to prioritise STRC shareholder dividends.”

According to Arkham, maintaining STRC’s current dividend structure could require roughly $1.2 billion annually, raising questions about the long-term sustainability of Strategy’s expanding financing model if market conditions deteriorate.

Strategy has not publicly responded to Rosen’s investigation.

Analyst Says Rosen Notice Is Not Proof of Wrongdoing

Shanaka Anslem, a renowned analyst, pushed back against characterizing Rosen Law Firm’s announcement as evidence of fraud or regulatory misconduct.

He argues that the notice is a shareholder recruitment effort commonly used by plaintiff law firms after sharp stock declines rather than a finding of wrongdoing.

“No SEC action. No Department of Justice case. No filed complaint. No named misstatement,” he wrote, emphasizing that the firm’s announcement is an investigation into potential claims rather than a lawsuit alleging proven misconduct.

Nevertheless, general market sentiment suggests Strategy faces legitimate questions about the sustainability of its financing structure.

This is particularly as investors scrutinize the company’s ability to support dividend obligations and maintain its Bitcoin-focused treasury strategy during periods of market weakness.

Neither Strategy nor Michael Saylor immediately responded to BeInCrypto’s request for comment.

Источник: BeInCrypto