Bitcoin Miner Argo Hit With Lawsuit Over ‘Misleading’ US IPO

Jan. 27, 2023, 9:32 PM

A class-action lawsuit has been brought against Argo Blockchain Plc, accusing the British Bitcoin miner of misleading investors during its US initial public offering in 2021.

The miner allegedly made false or misleading statements and failed to disclose that it was facing significant capital constraints, electricity costs and network issues, according to the Jan. 26 court filing. That in turn hampered Argo’s ability to mine Bitcoin, execute its business strategy, meet obligations and operate its Helios mining facility in Texas, claims the suit.

“As a result, Argo’s business was less sustainable than Defendants had led investors to believe,” …