Argo Blockchain PLC - Lowey Dannenberg

Argo Blockchain PLC

Ticker: ARBC

Class Period Start: 09/23/2021

Class Period End: 10/20/2022

Registration Deadline: 03/27/2023

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A securities class action has been filed in the USDC – E.D.N.Y. against Argo Blockchain plc (ARBK) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Argo American Depository Shares (“ADSs”) pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about September 23, 2021 (the “IPO” or “Offering”); and/or (b) Argo securities between September 23, 2021 through October 10, 2022.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that:

the Company was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties;
the foregoing issues hampered, among other things, the Company’s ability to mine Bitcoin or Bitcoin equivalents (together, “BTC”), execute its business strategy, meet its obligations, and operate its Helios facility;
as a result, the Company’s business was less sustainable than Defendants had led investors to believe;
accordingly, the Company’s business and financial prospects were overstated; and
as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

On the October 11, 2022 press release of the Company, Argo’s ADS price fell $0.27 per ADS, or 10.98%, to close at $2.19 per ADS.

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