NEW YORK, Oct. 11, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Argo Blockchain plc, Inc. ("Argo" or the "Company") (NASDAQ: ARBK). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Argo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around September 22, 2021, Argo conducted its initial public offering ("IPO"), selling 7.5 million American Depositary Shares ("ADSs") priced at $15.00 per ADS.
On October 7, 2022, Argo issued a press release "announc[ing] several strategic actions that are intended 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." Argo stated that in addition to measures being undertaken to reduce costs and preserve capital, Argo is has signed a non-binding letter of intent with an affiliate of New York Digital Investment Group to amend existing equipment financing agreement; plans to sell 3,400 mining machines for cash proceeds of £6 million; and intends to raise approximately £24 million via proposed subscription with a strategic investor.
On this news, Argo's ADS price fell $0.97 per ADS, or 23.26%, to close at $3.20 per ADS on October 7, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
