Glancy Prongay & Murray LLP, et førende advokatfirma for værdipapirsvindel, annoncerer indgivelse af et gruppesøgsmål for værdipapirer på vegne af Argo Blockchain plc (ARBK) investorer

LOS ANGELES– (FORRETNINGSLEDNING) -Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of Argo Blockchain plc (“Argo” or the “Company”) (NASDAQ: ARBK) investors who purchased: (a) American Depository Shares (“ADSs”) pursuant and/or traceable to the Company’s September 2021 initial public offering (“IPO”); and/or securities between September 23, 2021 and October 10, 2022, inclusive (the “Class Period”). Argo investors have until Marts 27, 2023 at indgive en hovedsagsøger.

If you suffered a loss on your Argo investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Argo-Blockchain-plc/. Du kan også kontakte Charles H. Linehan, GPM på 310-201-9150, gratis på 888-773-9224 eller via e-mail på aktionærer@glancylaw.com for at lære mere om dine rettigheder.

On or about September 23, 2021, Argo conducted its initial public offering (“IPO”), selling 7.5 million American Depository Shares (“ADSs”) at $15 per ADS.

On June 7, 2022, Argo issued a press release disclosing that it had mined approximated 25% fewer Bitcoin (“BTC”) in May 2022 compared to April 2022 due to increased network difficulty, higher electricity prices, and the curtailment of mining operations at its Helios facility.

On this news, Argo’s stock price fell $0.28, or 4.4%, to close at $6.09 per ADS on June 7, 2022, thereby injuring investors.

Then, on October 7, 2022, Argo announced “several strategic actions that [intend] 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.” In addition to measures being undertaken to reduce costs and preserve capital, the Company had signed a letter of intent with an affiliate of New York Digital Investment Group to amend an existing financing agreement, planned to sell 3,400 mining machines, and intended to raise money via a proposed subscription with a strategic investor.

On this news, Argo’s stock price fell $0.97, of 23.3%, to close at $3.20 per ADS on October 7, 2022, thereby injuring investors further.

Then, on October 11, 2022, Argo issued a press release stating 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.” Additionally, Argo disclosed that it was “continuing to curtail operations at its Helios facility […] during periods of high electricity prices” and was replacing the Company’s Chief Technology Officer.

On this news, Argo’s stock price fell $0.27, or 11%, to close at $2.19 per ADS on October 11, 2022 – 85.4% below the Company’s IPO price.

The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Argo was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties; (2) the foregoing issues hampered, inter alia, Argo’s ability to mine BTC, execute its business strategy, meet its obligations, and operate its Helios facility; (3) as a result, Argo’s business was less sustainable than Defendants had led investors to believe; (4) accordingly, Argo’s business and financial prospects were overstated; and (5) as a result, the Offering Documents and Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Argo securities during the Class Period, you may move the Court no later than Marts 27, 2023 at anmode retten om at udpege dig som hovedsagsøger. For at være medlem af klassen behøver du ikke foretage dig noget på nuværende tidspunkt; du kan beholde advokat efter eget valg eller ikke foretage dig noget og forblive et fraværende medlem af klassen. Hvis du ønsker at lære mere om denne handling, eller hvis du har spørgsmål vedrørende denne meddelelse eller dine rettigheder eller interesser med hensyn til disse forhold, bedes du kontakte Charles Linehan, Esquire, fra GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 på 310-201-9150, gratis på 888-773-9224, via e-mail til aktionærer@glancylaw.com, eller besøg vores hjemmeside på www.glancylaw.com. Hvis du forespørger via e-mail, bedes du inkludere din postadresse, telefonnummer og antal købte aktier.

Denne pressemeddelelse kan betragtes som advokatannoncering i nogle jurisdiktioner i henhold til gældende lov og etiske regler.

Kontakt os

Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 eller 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com
aktionærer@glancylaw.com

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