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New Lawsuit Targets Argo’s Financial and Network Issues

Date:

  • New lawsuit was filed against Argo
  • Argo failed to disclose its vulnerability to cash limits, electricity costs, and network problems
  • Argo regained Nasdaq’s listing compliance criteria

A new lawsuit was filed against Argo and several of its executives and board members. It is alleged that the company failed to disclose its susceptibility to cash limits, electricity costs, and network issues.

During its initial IPO in 2021, Argo Blockchain allegedly made misleading statements and omitted essential information, according to a class action lawsuit filed by investors.

The recent lawsuit was filed just days after Argo restored compliance with Nasdaq’s listing criteria on January 23, requiring it to maintain at least a $1 closing bid price for 10 consecutive trading days.

Argo has been forced to make severe decisions in order to survive the prolonged bear market and challenging conditions facing cryptocurrency miners. On December 28, the company announced that it would sell Helios, its flagship mining facility, to Galaxy Digital for $65 million.

In other news, Elon Musk has again shown how much he likes Dogecoin, the first memecoin (DOGE). Matt Wallace, CEO of Final Stand and an Elon Musk supporter, says that the tech giant wants McDonald’s to accept DOGE as a form of payment.

Many of the people who filled out the survey said McDonald’s would be stupid and foolish to miss this chance. Dogecoin has a lot of active users and fans, and it’s clear that they all want to see the crypto moon.

As of the time of writing, DOGE maintains its position as one of the top 10 cryptos in the market with a trading amount of $0.31 per crypto.

Tags: Crypto marketcryptocurrency

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.

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