American branches of Northern Data, a European Bitcoin mining company, have filed a motion to dismiss a lawsuit from former employees Joshua Porter and Gulsen Kama. The motion, submitted to the Central District Court of California, argues that the court lacks jurisdiction as Northern Data’s U.S. branches are incorporated in Delaware and based in Virginia.
Northern Data claims Porter and Kama did not provide enough details to support their fraud accusations, labeling the suit as an attempt to gain extra compensation. The former executives had alleged significant financial misrepresentation and tax evasion by the company.
Despite these legal challenges, Northern Data is considering an IPO for its AI cloud computing and data center businesses in the U.S. next year, potentially valuing the entity between $10 billion and $16 billion. This strategic move could significantly boost the company’s market presence.
