RE:Overreaction!The good thing is that the company has appointed its chairman and co-founder, Nicolas Bonta, to the role on an interim basis until it appoints a new CEO
Bitfarms shares were down Monday morning after the company said it terminated its chief executive, Geoffrey Morphy, earlier than planned after he launched a lawsuit against the company Friday.
Shares were trading 5.5% lower at 2.24 Canadian dollars ($1.64).
The bitcoin miner said Morphy filed a statement of claim in the Superior Court of Ontario last week seeking $27 million in damages for breach of contract, wrongful dismissal and aggravated and punitive damages.
Bitfarms said these claims are without merit and that it intends to defend itself against them.
The company has appointed its chairman and co-founder, Nicolas Bonta, to the role on an interim basis until it appoints a new CEO, which the company said is only several weeks away.