NEW YORK, Feb. 09, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of the acquirers of Argo Blockchain plc (“Argo” or the “Company”) ARBK Securities between September 23, 2021 and October 10, 2022 (the “Collection Period”). Investors have until March 27, 2023 to petition the court to be named lead plaintiff in the lawsuit.

Argo is primarily engaged in crypto asset mining.

Argo completed its IPO on September 23, 2021, selling 7.5 million shares at $15.00 per share.

On June 7, 2022, Argo issued a press release with an operational update, in which it disclosed that it had mined approximately 25% less BTC in May 2022 compared to April 2022, among other things due to increased network difficulties, higher electricity prices, and the restriction of the mining operation at its Helios facility. As a result of this news, Argo stock fell $0.28 per share, or approximately 4.40%, from $6.37 per share to a closing price of $6.09 on June 7, 2022.

On October 7, 2022, Argo issued a press release announc[ing] several strategic moves aimed at bringing additional capital into the company and ensuring that the company has the working capital needed to execute on its current strategy and meet its commitments over the next twelve months.” Argo stated that In addition to actions being taken to reduce costs and preserve capital, the Company had signed a non-binding letter of intent with a subsidiary of New York Digital Investment Group to amend an existing equipment financing agreement, planning to sell 3,400 mining machines for one Raising cash proceeds of £6 million and intending to raise approximately £24 million via a proposed subscription with a strategic investor. As a result of this news, the price of Argo shares fell by $0.97 per share, or approximately 23.26%, from $4.17 per Stock to close at $3.20 on October 7th 2022.

At…