Bitcoin News Today: Shareholder Lawsuits Target MLTX's SLK Claims as Metaplanet Seeks Bitcoin-Backed Growth

MoonLake Immunotherapeutics (NASDAQ: MLTX) shareholders face mounting legal scrutiny as two class action lawsuits allege the company misled investors about its lead drug candidate's competitive advantages. The lawsuits, filed by Levi & Korsinsky LLP and Faruqi & Faruqi LLP, claim MLTX executives overstated the clinical benefits of its Nanobody-based therapy, SLK, relative to BIMZELX, a rival monoclonal antibody. Following the revelation of SLK's underwhelming trial results, MLTX's stock plummeted 89.9% to $6.24 on September 29, 2025, erasing $55.75 per share in value. Investors who purchased MLTX between March 10, 2024, and September 29, 2025 have until December 15 to seek lead plaintiff status.

Meanwhile, Metaplanet (TYO: MP) is reshaping its capital structure with a $150 million perpetual preferred equity offering, positioning itself as a key player in the bitcoin treasury market. The offering includes a 4.9% yield and aims to stabilize the company's common shares, which have fallen over 80% from their peak. With a market capitalization multiple of 0.96x net asset value, Metaplanet now trades at a discount to its 30,823 BTC holdings, rivaling companies like Strategy (MSTR) and Strive (ASST). The restructuring also includes a planned extraordinary general meeting to expand authorized shares and simplify existing financing instruments.

In the Web3 gaming sector, Ragnarok Online Landverse America is set to launch a closed beta test on November 20, offering players a blockchain-integrated MMORPG experience. The beta will test next-generation systems, including play-to-earn mechanics and NFT-based ownership, ahead of a December 11 official launch. Pre-registration events, open until December 10, are offering exclusive in-game rewards, signaling growing consumer interest in crypto-enabled entertainment.

The lawsuits against MLTX highlight broader investor concerns about biotech transparency, while Metaplanet's capital moves underscore the evolving role of institutional-grade crypto assets in corporate finance.

Investors and analysts are closely watching the legal developments involving MLTX as they could set precedents for biotech firm disclosures. With a nearly 90% drop in share price following the release of clinical trial data, the company's legal exposure and shareholder response could significantly affect its future capital-raising ability and investor sentiment.