The lawsuit claimed that Argo’s “wrongful acts and omissions” caused a “precipitous decline” in ADS’s market value leading to significant investor losses and damages.
The latest development is yet another blow to Argo, which was struggling to stay afloat amidst a brutal crypto winter. The complaint alleged that the company negligently prepared its IPO documents which hid crucial details that would affect its business profitability., investors of Argo Blockchain have accused the firm of making untrue statements and omitting key information, thereby failing to disclose its capital constraints, electricity, and other costs, in addition to network difficulties.
“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 and were not prepared in accordance with the rules and regulations governing their preparation.”
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