Legal Storm Surrounding Strategy: Rosen Law Firm Launches Investigation into Michael Saylor's Company
American law firm Rosen Law Firm has officially announced the launch of an investigation into the company Strategy (formerly MicroStrategy) and has invited investors who purchased the firm's securities to join a potential class-action lawsuit. This event has become a significant signal for the market, given Strategy's key role in corporate bitcoin accumulation.
Lawyers are examining whether Strategy's management published misleading statements regarding its business model, bitcoin storage strategy, profitability, and the real risks associated with the aggressive accumulation model of the leading cryptocurrency. Special attention is being paid to five types of securities: MSTR, STRF, STRC, STRK, and STRD. A dedicated page for registration in the investigation has already been created for affected investors.
Investigation Details: What Lies Behind Rosen Law Firm's Actions
The investigation was initiated amid increased scrutiny of Strategy's capital structure and the company's growing reliance on various types of securities to finance bitcoin purchases. Although the firm has not yet filed official charges, the very fact of the review occurs against a backdrop of sharp volatility in instruments related to Strategy. The greatest interest is in STRC — the company's perpetual preferred stock, which recently attracted analysts' attention.
Comparisons with Terra: Arkham Clarifies Differences
On-chain analytics platform Arkham recently commented on comparisons of STRC with the collapsed Terra ecosystem, stating that these situations are "fundamentally different." Unlike Terra LUNA, Strategy has no legal obligation to maintain the market price of STRC. As Arkham emphasized: "Saylor cannot lose funds due to a drop in STRC. The value of STRC only shows how much the market believes in the continuation of dividend payments from the company."
However, Arkham analysts also pointed out a significant risk for preferred stock holders: dividend payments remain at the company's discretion. "Key point: Strategy is not legally obligated to pay these dividends. If Strategy runs into trouble, Saylor is not required to prioritize dividends for STRC shareholders," the report notes. According to Arkham's calculations, maintaining the current payout order for STRC would require approximately $1.2 billion per year, raising questions about the sustainability of the financing model in a deteriorating market situation.
Market Opinion: Investigation or Standard Practice?
Renowned analyst Shanaka Anslem argued against interpreting Rosen Law Firm's statement as evidence of fraud or regulatory violations. In his view, such notices are a typical way for law firms to seek clients after a sharp drop in stock prices, rather than a sign of proven violations. "There is no SEC lawsuit, no DOJ case. No lawsuit has been filed, no specific misrepresentations have been identified," he emphasized.
Nevertheless, concerns persist in the market regarding Strategy's ability to sustain dividend payments and maintain its bitcoin strategy during periods of market weakness. The company and Michael Saylor had not responded to requests for comment at the time of publication.
Cryptalist Analytical Commentary: Rosen Law Firm's actions are not a verdict, but rather a marker that the market is beginning to doubt the long-term sustainability of Strategy's model. The main question is not whether the company is breaking the law, but whether it can generate enough cash flow to service its complex financial instruments, especially during a bitcoin correction. Investors should closely monitor the company's financial reports in the coming quarters.