Legal Storm Over Strategy: Rosen Law Firm Launches Investigation into Michael Saylor's Empire
Rosen Law Firm has officially announced the initiation of an investigation into Strategy (formerly known as MicroStrategy) and has invited investors who purchased the issuer's securities to join a potential class action lawsuit. This event has become another alarming signal for the market, which is closely monitoring the financial health of the largest corporate holder of bitcoin.
Nature of the Claims: Misleading Statements or Standard Practice?
Rosen attorneys intend to determine whether Strategy and its management published misleading statements regarding its operational activities, bitcoin accumulation strategy, actual business profitability, and associated risks. The investigation covers a wide range of securities, including MSTR, STRF, STRC, STRK, and STRD. Particular attention is focused on STRC — a perpetual preferred stock that has recently demonstrated alarming volatility.
Against this backdrop, the analytical platform Arkham hastened to reassure investors, stating that the situation with STRC is fundamentally different from the collapse of the Terra (LUNA) ecosystem. The key argument: Strategy has no legal obligation to support the market price of STRC, and dividend payments remain at the discretion of the board of directors. However, Arkham calculated that to maintain the current payout schedule for STRC, the company requires approximately $1.2 billion per year, which calls into question the sustainability of the entire financing model in the event of a deterioration in market conditions.
Analyst's Perspective: No Need to Panic Prematurely
Renowned analyst Shanaka Anslem urges not to dramatize the situation. He rightly notes that Rosen's notice is a typical method for law firms to seek clients after a sharp decline in stock prices, rather than evidence of an actual violation. "There is no SEC lawsuit, no DOJ case. There is no filed lawsuit, no specific misrepresentations of facts," he emphasizes. Nevertheless, the very fact of the investigation being launched against the backdrop of Strategy's complex capital structure and growing dependence on various funding instruments for bitcoin purchases forces the market to reflect.
My comment: Undoubtedly, the statement from Rosen Law Firm is not a verdict for Strategy. However, it highlights a fundamental vulnerability in Saylor's model: the company's ability to service its debt and dividend obligations during a deep market correction. As long as bitcoin rises, all risks seem manageable. But once the market turns, the question of the sustainability of this financial pyramid will become central for all holders of Strategy's instruments.