In re Bit Digital, Inc. Securities Litigation — Entry #83: ORDER AWARDING ATTORNEYS' FEES AND EXPENSES AND AWARD TO LEAD PLAINTIFF PURSUANT TO 15 U.S.C

Case 1:21-cv-00515-ALC Document 83 Filed 03/07/23 Page 1 of 4


 UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

                                                             3/7/2023
IN RE: BIT DIGITAL, INC.
SECURITIES LITIGATION
                                            Lead Case No. 1:21-cv-00515-ALC
           This document relates to:

           All Actions


  ORDER AWARDING ATTORNEYS’ FEES AND EXPENSES AND AWARD TO
         LEAD PLAINTIFF PURSUANT TO 15 U.S.C. §78(u)-4(a)(4)


                                              BLOCK & LEVITON LLP
                                              Jeffrey C. Block
                                              Jacob A. Walker, pro hac vice
                                              Sarah E. Delaney
                                              260 Franklin Street, Suite 1860
                                              Boston, MA 02110
                                              (617) 398-5600
                                              jeff@blockleviton.com
                                              jake@blockleviton.com
                                              sarah@blockleviton.com

                                              Attorneys for Lead Plaintiff and the
                                              Class


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        This matter having come before the Court on February 3, 2023, on the motion of Lead

Counsel for an award of attorneys’ fees and expenses and an award to Lead Plaintiff (the “Fee

Motion”), the Court, having considered all papers filed and proceedings conducted herein, having

found the Settlement of this Litigation to be fair, reasonable and adequate, and otherwise being

fully informed in the premises and good cause appearing therefore;

        IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that:

        1.       This Order incorporates by reference the definitions in the Stipulation of Class

Action Settlement dated October 12, 2022 (ECF No. 68-1) (“Stipulation”), and all capitalized

terms used, but not defined herein, shall have the same meanings as set forth in the Stipulation.

        2.       This Court has jurisdiction over the subject matter of this application and all matters

relating thereto, including all Class Members who have not timely and validly requested exclusion.

        3.       Notice of Lead Counsel’s Fee Motion was given to all Class Members who could

be located with reasonable effort. The form and method of notifying the Class of the Fee Motion

met the requirements of Rule 23 of the Federal Rules of Civil Procedure and the Securities

Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995 (15

U.S.C. §78u-4(a)(7)), due process, and any other applicable law, constituted the best notice

practicable under the circumstances, and constituted due and sufficient notice to persons and

entities entitled thereto.

        4.       The Court hereby awards attorneys’ fees of 525,000
                                                           $_____________, which is equal to

25% of the Settlement Amount, plus expenses in the amount of 14,941.79
                                                            $_____________, together with

the interest earned on both amounts for the same time period and at the same rate as that earned

on the Settlement Fund until paid. The Court finds that the amount of fees awarded is fair,


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reasonable, and appropriate under the “percentage-of-recovery” method, as well as the lodestar

cross-check.

          5.       The awarded attorneys’ fees and expenses and interest earned thereon, shall be paid

to Lead Counsel immediately upon execution of the Final Judgment and Order of Dismissal with

Prejudice and this Order and subject to the terms, conditions, and obligations of the Stipulation,

and in particular ¶¶7.1-7.2 thereof, which terms, conditions, and obligations are incorporated

herein.

          6.       In making this award of fees and expenses to Lead Counsel, the Court has

considered and found that:

          a. the Settlement has created a fund of $2,100,000.00 in cash that is already on deposit,

                and numerous Class Members who submit, or have submitted, valid Proof of Claim

                and Release forms will benefit from the Settlement created by Lead Counsel;

          b. over 11,523 copies of the Postcard Notice were disseminated to potential Class

                Members indicating that Lead Counsel would move for attorneys’ fees in an amount

                not to exceed 25% of the Settlement Amount and for expenses in an amount not to

                exceed $30,000, plus interest on both amounts, and no objections to the fees or

                expenses were filed by Class Members;

          c. Lead Counsel pursued the Litigation and achieved the Settlement with skill and diligent

                advocacy;

          d. Lead Counsel expended substantial time and effort pursuing the Litigation on behalf of

                the Class;

          e. Lead Counsel pursued the Litigation entirely on a contingent basis;


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Case 1:21-cv-00515-ALC Document 83 Filed 03/07/23 Page 4 of 4