- A lawsuit was filed in opposition to Argo Blockchain, accusing it of creating false statements.
- Argo Blockchain’s Chief Monetary Officer stepped down from his place.
- It’s the legislation agency Rosen that introduced the lawsuit in opposition to Argo Blockchain.
Argo Blockchain has been beneath scrutiny ever since a lawsuit was filed final week. The lawsuit alleges that the cryptocurrency miner misled the buyers by making false statements and failing to offer full info throughout its IPO interval in 2021.
Now, one other lawsuit is on the way in which by the Rosen Regulation agency, in line with the newest press launch. The lawsuit is on behalf of the purchasers of the American Depository Shares (ADSs) of Argo Blockchain. The legislation agency additionally said that the buyers should file their petitions with the courtroom by March 27, 2023. The lawsuit alleges that Argo Blockchain made deceptive statements and was additionally negligent.
Argo Blockchain was offered to the Helios facility by Galaxy Digital Holdings on December 29, 2022. Following the sale, the chief monetary officer and govt director of Argo Blockchain, Alex Appleton, stepped down from his place.
In response to the small print, the cryptocurrency agency is searching for a substitute with the assistance of an govt search agency. Appleton was quoted saying:
I’m very pleased with what we’ve got achieved over my time with Argo. The enterprise has nice potential, and I want the Argo staff all one of the best for the long run.
Argo Blockchain is a large-scale cryptocurrency miner with operations unfold throughout Texas, the US, the UK, and Canada. It was additionally one of many firms to change into the primary climate-positive cryptocurrency mining agency.
Cryptocurrency mining corporations have been struggling all through the extended bear market of 2022. Nonetheless, the scenario appears to be getting higher as the costs of BTC and different altcoins have risen by double-digits.