The lawsuit accuses the firm of misleading investors and misrepresenting facts.
miner Argo Blockchain will be the subject of a class action lawsuit filed by its investors. The London-based mining firm has been accused of misleading its investors during its initial public offering in 2021.in the United States District Court for the Eastern District of New York, Argo Blockchain’s CEO along with other executives and board members have been named in the lawsuit. The investors have accused the Bitcoin miner of making misleading statements.
Furthermore, the investors have claimed that Argo failed to disclose several important facts pertaining to its operations during the IPO. This includes capital constraints, electricity and other expenses, and network difficulties. According to the filing, these factors hampered the company’s ability to carry out Bitcoin mining operations, meet its obligations, and execute its business strategy.Argo Blockchain’s investors have argued that these issues made the company’s offering documents false and/or misleading. According to them, the company overstated its business and financial prospects and the business was less sustainable than they were led to believe.
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