Los Angeles – (business wire)–Frank R. Cruz Law Firm Announces Investigation of Argo Blockchain plc (“Argo” or the “Company”) (NASDAQ: ARBK) for Potential Violations of Federal Securities Laws on Behalf of Investors .
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On or about September 23, 2021, Argo will conduct an initial public offering (“IPO”) selling 7.5 million American Depositary Shares (“ADS”) at $15 per ADS.
On June 7, 2022, Argo issued a press release revealing that it had mined approximately 25% less Bitcoin (“BTC”) in May 2022 compared to April 2022. This is due to increased network difficulty, rising electricity prices, and its Helios facilities.
The news sent Argo’s share price down by $0.28 (4.4%) to close at $6.09 per ADS on June 7, 2022, hurting investors.
Then, on October 7, 2022, Argo “announced several strategic actions. [intend] To bring 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 12 months. In addition to taking steps to reduce costs and preserve capital, the company signed an agreement with affiliates of the New York Digital Investment Group to amend its existing financing agreement, resulting in the sale of 3,400 mining machines. plan and propose subscriptions with strategic investors.
The news sent Argo’s stock price down 23.3% to $0.97, closing at $3.20 per ADS on October 7, 2022, further hurting investors.
And on October 11, 2022, Argo issued the following press release:[d]In September, Argo mined 215 [BTC]Compared to 235 BTC in August 2022″, this is “mainly due to a 12% increase in average network difficulty in September.” ” was revealed. […] At a time when electricity prices are high,” he replaced our chief technology officer.
The news sent Argo’s share price down $0.27, or 11%, to close at $2.19 per ADS on October 11, 2022. That’s 85.4% below the company’s IPO price.
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If you have purchased Argo securities, have information about these claims, or would like more information, or have any questions about your rights or interests with respect to this announcement or these matters, please contact Frank R Legal Please contact Frank R. Cruz at Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007 by emailing [email protected] or visiting our website at www.frankcruzlaw.com please. When contacting us by e-mail, please include your mailing address, phone number, and number of shares purchased.
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