ATLANTA, GA – – (Globe Newswire – August 16, 2023) – – Holzer & Holzer, LLC informs investors that a class action lawsuit has been filed against Applied Digital Corporation  (“Applied Digital” or the “Company”) (NASDAQ: APLD). The lawsuit alleges Applied Digital made materially false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and compliance policies, including: (i) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; and (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm.

If you bought shares of Applied Digital between April 13, 2022 and July 26, 2023, and you suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. at cholzer@holzerlaw.com or Joshua Karr, Esq. at jkarr@holzerlaw.com, by toll-free telephone at (888) 508-6832 or you may visit the firm’s website at https://holzerlaw.com/case/applied-digital/ to learn more.

The deadline to ask the court to be appointed lead plaintiff in the case is October 11, 2023.