(2022)
SEC v. Argo Blockchain
Year
2022
Criminal or Civil
Civil
Year Resolved
N/A (case filed in 2023)
Jurisdiction (Court/State)
U.S. District Court (likely Southern District of New York – not explicitly stated but typical for such filings)
Filed By
A class of U.S. investors (plaintiffs in federal court)
Penalty/Fine (USD)
Not yet determined (class action pending)
Lawsuit Overview
Investors filed a class action lawsuit against Argo Blockchain PLC, alleging that the firm misled them through materially false and misleading statements in its IPO offering documents. The complaint centers on exaggerations of Argo’s financial health, mining strategy, and sustainability prior to its September 2021 IPO, which raised $112.5 million.
Category
Securities Fraud / Misleading IPO Disclosures
Notable Individuals Involved
Argo Blockchain PLC (Defendant)
Investors (Unnamed Plaintiffs/Class Members)
Legal representation not named yet
Investor Loss Estimate
Not explicitly stated, but Argo raised $112.5 million in the IPO; investor losses linked to post-IPO stock decline and eventual Helios facility sale
Final Outcome
Pending
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