Legal Storm Over Strategy: Rosen Law Firm Launches Investigation into Michael Saylor's Company
The Rosen Law Firm has officially announced the initiation of an investigation into Strategy (formerly MicroStrategy) and invites investors who purchased the company's securities to join a potential class action lawsuit. This development has drawn close market attention, given Strategy's key role in corporate bitcoin accumulation.
Nature of the Claims and Instruments Involved
Lawyers are examining whether Strategy and its management published misleading statements regarding its operations, bitcoin storage strategy, business profitability, and risks associated with the aggressive model of accumulating the leading cryptocurrency. The investigation covers a wide range of securities: MSTR, STRF, STRC, STRK, and STRD. Particular attention is focused on STRC — Strategy's perpetual preferred stock.
It is important to emphasize that the initiation of the investigation itself is not evidence of violations. As noted analyst Shanaka Anslem rightly pointed out, such notices are a standard way for law firms to seek clients after a sharp drop in stock prices, not an indication of proven misconduct. Currently, there is neither a lawsuit from the SEC nor specific allegations of misrepresentation.
Comparison with Terra and Risks for STRC Holders
Against the backdrop of the investigation, the Arkham platform conducted an important analysis, comparing STRC with the collapsed Terra (LUNA) ecosystem. Their verdict: "Will STRC become the new LUNA? In short — not exactly." The key difference is that Strategy has no legal obligation to support the market price of STRC, as was the case with Terra's algorithmic mechanisms. The value of STRC merely reflects how much the market believes in the continuation of dividend payments from Saylor.
However, Arkham analysts emphasize a significant risk: dividend payments remain at the company's discretion, and Strategy is not legally required to make them. According to their calculations, maintaining the current order of STRC payments requires approximately $1.2 billion per year. This raises questions about the sustainability of Strategy's financial model in the event of deteriorating market conditions.
Expert comment from Cryptalist: This investigation is a natural stage in the evolution of Michael Saylor's strategy. The aggressive use of debt and equity instruments to purchase bitcoin creates a unique capital structure that has not previously been tested under prolonged bear market conditions. Investors in STRC preferred shares should particularly carefully assess the risks: their yield directly depends on the company's ability to generate free cash flow, not on the price of bitcoin. Until Strategy publicly comments on the situation, the market will incorporate an increased risk premium into these instruments.