Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Argo Blockchain plc (ARBK) Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of Argo Blockchain plc (“Argo” or the “Company”) (NASDAQ: ARBK) investors who purchased: (a) American Depository Shares (“ADSs”) pursuant and/or traceable to the Company’s September 2021 initial public offering (“IPO”); and/or securities between September 23, 2021 and October 10, 2022, inclusive (the “Class Period”). Argo investors have until March 27, 2023 to file a lead plaintiff motion.

If you suffered a loss on your Argo investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Argo-Blockchain-plc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On or about September 23, 2021, Argo conducted its initial public offering (“IPO”), selling 7.5 million American Depository Shares (“ADSs”) at $15 per ADS.

On June 7, 2022, Argo issued a press release disclosing that it had mined approximated 25% fewer Bitcoin (“BTC”) in May 2022 compared to April 2022 due to increased network difficulty, higher electricity prices, and the curtailment of mining operations at its Helios facility.

On this news, Argo’s stock price fell $0.28, or 4.4%, to close at $6.09 per ADS on June 7, 2022, thereby injuring investors.

Then, on October 7, 2022, Argo announced “several strategic actions that [intend] 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.” In addition to measures being undertaken to reduce costs and preserve capital, the Company had signed a letter of intent with an affiliate of New York Digital Investment Group to amend an existing financing agreement, planned to sell 3,400 mining machines, and intended to raise money via a proposed subscription with a strategic investor.

On this news, Argo’s stock price fell $0.97, of 23.3%, to close at $3.20 per ADS on October 7, 2022, thereby injuring investors further.

Then, on October 11, 2022, Argo issued a press release stating that “[d]uring the month of September, Argo mined 215 [BTC]compared to 235 BTC in August 2022” which was “primarily due to a 12% increase in average network difficulty during September.” Additionally, Argo disclosed that it was “continuing to curtail operations at its Helios facility […] during periods of high electricity prices” and was replacing the Company’s Chief Technology Officer.