Legal Storm Over Strategy: Rosen Law Firm Launches Investigation, Analysts Debate Risks
The Rosen Law Firm has officially announced the initiation of an investigation into Strategy (formerly MicroStrategy) and has invited investors who purchased the issuer's securities to join a potential class action lawsuit. This event immediately attracted market attention, given Strategy's key role in corporate bitcoin accumulation.
Substance of Claims and Subjects of Investigation
At the center of the lawyers' focus is the accuracy of public statements made by Strategy's management. It is being examined whether the company and its top executives misled investors regarding the bitcoin storage strategy, the actual profitability of the business, and the risks associated with the aggressive financing model for purchasing the first cryptocurrency.
The investigation covers a range of securities, including tickers MSTR, STRF, STRC, STRK, and STRD. The most attention is focused on STRC — a perpetual preferred stock that has recently shown sharp volatility, raising concerns among market participants.
Parallels with Terra and Arkham's Counterarguments
Against the backdrop of the decline in STRC quotes, alarming parallels with the collapse of the Terra (LUNA) ecosystem have emerged in the community. However, the on-chain analytics platform Arkham hastened to dispel these concerns. Arkham analysts emphasize a fundamental difference: unlike Terra's algorithmic mechanism, Strategy has no legal obligation to maintain the market price of STRC. The decline in the stock's value reflects only the market's degree of confidence in the company's ability to continue dividend payments, not a threat of collapse of the entire structure.
"Unlike Terra LUNA, 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 Saylor," Arkham noted.
At the same time, analysts pointed out a critical risk for preferred stock holders: dividend payments remain at the discretion of the board of directors. According to Arkham's calculations, maintaining the current level of dividends on STRC requires the company to have approximately $1.2 billion per year, which calls into question the sustainability of the model in the event of a deterioration in market conditions.
Balanced Assessment: No Lawsuit, No Violations
Well-known analyst Shanaka Anslem urged not to dramatize the situation. He reminded that the Rosen Law Firm notice is a standard practice for law firms seeking clients after a sharp drop in stock prices, not proof of fraud or regulatory violations.
"There is no SEC lawsuit, no DOJ case. There is no filed lawsuit, no specific misrepresentations of facts. This is the start of an investigation into possible claims, not a lawsuit with confirmed allegations," Anslem emphasized.
Nevertheless, questions about Strategy's financial model remain. The company's ability to withstand the dividend burden and maintain its bitcoin strategy during periods of market weakness is a key point of tension for investors. As of publication, neither Strategy nor Michael Saylor have provided official comments.
Expert Opinion: The launch of the investigation by Rosen Law Firm is not a verdict, but an important signal. The market is beginning to more closely assess the sustainability of Strategy's complex financial structure, where the issuance of debt and hybrid instruments to purchase a volatile asset creates non-trivial risks. Investors should closely monitor the company's ability to generate sufficient cash flow to service all obligations, especially in the context of a potential decline in the price of bitcoin.