Lawsuit filed for Investors in shares of Argo Blockchain plc (NASDAQ: ARBK)
A lawsuit was filed on behalf of investors in Argo Blockchain plc (NASDAQ: ARBK) shares over alleged securities laws violations.
Investors who purchased shares of Argo Blockchain plc (NASDAQ: ARBK) have certain options and for certain investors are short and strict deadlines running. Deadline: March 27, 2023. NASDAQ: ARBK investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
London based Argo Blockchain plc, together with its subsidiaries, engages in the bitcoin and other cryptocurrencies mining business worldwide. Argo maintains a fleet of thousands of BTC mining machines at facilities located in Canada and Dickens County, Texas. The Company's Texas facility is referred to as its "Helios" facility.
On August 19, 2021, Argo Blockchain plc filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 22, 2021 (the "Registration Statement").
On September 23, 2021, Argo Blockchain plc filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, together with the Registration Statement, the "Offering Documents").
On or about September 23, 2021, pursuant to the Offering Documents, Argo conducted the IPO, issuing 7.5 million ADSs to the public at the Offering price of $15 per ADS for approximate proceeds of $105 million to the Company before expenses and after applicable underwriting discounts and commissions.
On June 7, 2022, Argo Blockchain plc provided an operational update, in which it disclosed that it had mined approximately 25% fewer BTC in May 2022 compared to April 2022 because of, inter alia, increased network difficulty, higher electricity prices, and the curtailment of mining operations at its Helios facility.
On October 7, 2022, Argo Blockchain plc issued a press release "announc[ing] several strategic actions that are intended to bring in additional capital to the business and ensure that the Company has the working capital necessary to execute its current strategy and meet its obligations over the next twelve months." Argo stated that in addition to measures being undertaken to reduce costs and preserve capital, the Company had signed a non-binding letter of intent with an affiliate of New York Digital Investment Group to amend an existing equipment financing agreement, plans to sell 3,400 mining machines for cash proceeds of £6 million, and intends to raise approximately £24 million via a proposed subscription with a strategic investor.
Then, on October 11, 2022, Argo Blockchain plc issued a press release providing an operational update, in which it announced that "[d]uring the month of September, Argo mined 215 [BTC] compared to 235 BTC in August 2022" which was "primarily due to a 12% increase in average network difficulty during September." Argo also stated that it "is continuing to curtail operations at its Helios facility in Dickens County, Texas during periods of high electricity prices" and was replacing the Company's Chief Technology Officer.
Shares of Argo Blockchain plc (NASDAQ: ARBK) declined from $21.00 per share in November 2021 to as low as $0.36 per share on December 13, 2022.
The plaintiff alleges on behalf of purchasers of Argo Blockchain plc (NASDAQ: ARBK) common shares who purchased NASDAQ: ARBK shares pursuant and/or traceable to the Offering Documents issued in connection with the Company's IPO and/or between September 23, 2021 and October 10, 2022, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that Argo Blockchain plc was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties, that Argo Blockchain plc the foregoing issues hampered, inter alia, Argo's ability to mine BTC, execute its business strategy, meet its obligations, and operate its Helios facility, that as a result, Argo's business was less sustainable than Defendants had led investors to believe, that accordingly, Argo's business and financial prospects were overstated, and that as a result, the Offering Documents and Defendants' public statements between September 23, 2021 and October 10, 2022were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Argo Blockchain plc (NASDAQ: ARBK) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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