The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Argo Blockchain plc (NASDAQ: ARBK) who purchased : (a) Argo American Depository Shares pursuant and/or traceable to the documents issued in connection with the Company’s initial public offering conducted on or about September 23, 2021; and/or (b) Argo securities between September 23, 2021 and October 10, 2022. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Argo lawsuit alleges that (i) Argo was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties; (ii) the foregoing issues hampered Argo’s ability to mine Bitcoin or Bitcoin equivalents, execute its business strategy, meet its obligations, and operate its Helios facility; (iii) as a result, Argo’s business was less sustainable than defendants had led investors to believe; (iv) accordingly, Argo’s business and financial prospects were overstated; and (v) as a result, the documents issued in connection with the Company's initial public offering and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
Shareholders have until March 27, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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