On July 3, Pomerantz, a well-known American law firm, announced on July 2, 2025 that it had filed a class action lawsuit against MicroStrategy (NASDAQ:MSTR) and some of its executives. The lawsuit alleges that the company misled investors between April 30, 2024 and April 4, 2025 and failed to fully disclose the risks of its "Bitcoin Reserve Company" strategy. The lawsuit alleges that MicroStrategy underestimated the huge losses that could be caused by Bitcoin price fluctuations after adopting new accounting standard ASU 2023-08. On April 7, 2025, the company disclosed that it had confirmed unrealized losses of approximately US$5.9 billion in the first quarter due to the devaluation of Bitcoin, causing the company's share price to fall 8.67% on the day to close at US$268.14 per share. Investors who purchase or obtain MicroStrategy securities during the above-mentioned period can apply to the court to become the lead plaintiff before July 15, 2025. The class action has been filed in the Federal District Court for the Eastern District of Virginia, case number 25-cv-00861.