Sign In
Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
ARBK.US

Agro Blockchain (ARBK) Omissions Case

E.D. New York
Court
23-CV-00572
Case number
On October 11, 2022, Argo Blockchain (ARBK) announced that “during the month of September, Argo mined 215 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 235 BTC in August 2022. The decrease in BTC mined is primarily due to a 12% increase in average network difficulty during September. Additionally, the Company is continuing to curtail operations at its Helios facility in Dickens County, Texas during periods of high electricity prices.”

Argo's stock price dropped 10.9% following the release of the operational update. This decrease was likely due to the lower-than-expected mining numbers, which may have been seen as a negative indicator of the company's future performance.

The Company announced several strategic actions in an October 7, 2022 press release aimed at bringing in additional capital to the business and ensuring that the company has the working capital to execute its current strategy and meet its obligations over the next 12 months. The actions included reducing costs, preserving capital, amending existing equipment financing agreements, selling 3,400 mining machines for £6 million, and raising approximately £24 million via a proposed subscription with a strategic investor.

Despite these efforts to secure additional funding, the announcement caused Argo's ADS price to fall 23.26%. This decrease may have been due to market uncertainty or skepticism about the company's ability to successfully execute its announced plans and secure the necessary funding.

Argo conducted its initial public offering (IPO) on September 22, 2021. During the IPO, the company sold 7.5 million ADSs at a price of $15.00. This marked the company's debut on the public markets, allowing it to raise capital from a wider pool of investors.

Now, taking all representations and results into account, Investors have reasons to suspect that Company and its Leaders misled them in IPO registration documents.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Negligence
Omissions
Suspected Party
Directors
Management
Shareholder
Influencer
Investment Bank
Service Provider
Research Entity
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10 October 2022
Filing date
26 January 2023
Judge
Hon. Nina R. Morrison
Collecting participants…
Created by Stan Vick, Scout

Argo Blockchain PLC ADR

Argo Blockchain plc, together with its subsidiaries, engages in the bitcoin and other cryptocurrencies mining business worldwide. It engages in mining purpose-built computers for complex cryptograp...

    Ticker
    ARBK.US
    ISIN
    US0401261047
    CIK
    1841675
    Sector
    Financial Services
    Industry
    Capital Markets
    Country
    USA
    Address
    Eastcastle House, London, United Kingdom, W1W 8DH