Argo Blockchain, a crypto miner whose shares trade on the London Stock Exchange and Nasdaq , is facing a class action lawsuit over alleged misleading statements made during the initial public offering of its American depositary shares in 2021.
The London-based company made untrue or incomplete statements, omitting"to state other facts necessary to make the statements made not misleading," according toArgo is accused of failing to disclose that it suffered from significant capital constraints, electricity and network difficulties. These constraints hampered the firm's ability to mine bitcoin and operate its Helios facility in Texas.
"Argo’s business was less sustainable than Defendants had led investors to believe; accordingly, Argo’s business and financial prospects were overstated," according to the filing., each representing 10 shares of common stock, on the Nasdaq Global Market in September, 2021. However, 2022 was not kind to Argo, nor to its peers in the bitcoin mining industry. Firms were squeezed between falling crypto valuations and rising electricity costs.
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Argo Blockchain accused of misleading investors in class action lawsuitCrypto miner Argo Blockchain has been slapped with a class action lawsuit, with claims it overstated its financial prospects around the time of its initial public offering. CRYPTO IS A SCAM HZMCoin $ HZM The world has gone crazy with all these cryptocurrencies, it's true but if you search, you're sure to find our HZM COIN the first Arab currency that changed all of your trading and investing strategies Become a member of our HZM family today malarab1 “The offering documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading,” the lawsuit read.
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