Software intelligence firm Microstrategy (Nasdaq: MSTR), which recently rebranded as Strategy, revealed on May 16 that it is facing a purported class action lawsuit filed in the U.S. District Court for the Eastern District of Virginia. The legal action names Strategy, Executive Chairman Michael Saylor, CEO Phong Le, and CFO Andrew Kang as defendants.

According to the company’s filing with the U.S. Securities and Exchange Commission (SEC) on May 19, the lawsuit—brought by plaintiff Anas Hamza—alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The complaint purports to represent a class of investors who purchased company shares between April 30, 2024, and April 4, 2025. Strategy stated:

The complaint seeks unspecified damages to the class, interest, attorneys’ fees, costs, and other relief.

Hamza alleges that the defendants “made false and/or misleading statements with respect to and/or failed to disclose information with respect to the anticipated profitability of [Strategy’s] bitcoin-focused investment strategy and treasury operations, and the various risks associated with bitcoin’s volatility.” The complaint also cites a failure to disclose the potential magnitude of losses the company could face following the adoption of Accounting Standards Update No. 2023-08, which governs the treatment of crypto assets.

Strategy stressed in the SEC filing:

We intend to vigorously defend against these claims. At this time, we cannot predict the outcome, or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in this matter.

In the same SEC filing, Strategy also informed the SEC of recent activity in its bitcoin treasury. Between May 12 and May 18, 2025, the firm acquired an additional 7,390 BTC for approximately $764.9 million, at an average purchase price of $103,498 per bitcoin. As of May 18, the company holds a total of 576,230 BTC, acquired at an aggregate cost of $40.18 billion, reflecting an average price of $69,726 per coin.

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