US Law Firm Investigates Argo Blockchain

ShareSoc Polls Member Interest

A ShareSoc member has brought an investigation into bitcoin miner Argo Blockchain to our attention. 

US law firm Pomerantz LLP has announced that it is investigating Argo for possible securities fraud. 

ShareSoc would be interested to know whether any other ShareSoc members have an interest in this case. If so, we may look into it further. Please contact us if you have an interest. 

It appears that this is not the first class action brought against the company. Dechert LLP reports that a class action was launched against Argo, in relation to its US IPO in 2021. 

Whilst we would like to see strong action taken against firms that mislead investors, the question is always where funds would come from to pay for any redress? If the answer is “from the firm’s funds” then the action is probably not in shareholders’ interests, as any redress would simply diminish shareholders’ funds, with one group of shareholders’ (claimants) benefitting at the expense of other shareholders, with the lawyers conducting the litigation being the main beneficiaries. We would, however, very much like to see directors held to account when they mislead investors. 

For ShareSoc to have the resources to pursue matters like this, we do need the financial support of our full members. So, if you are not yet a full member, please upgrade today. 

DISCLOSURE: No ShareSoc directors hold shares in or have short positions in Argo Blockchain 

One comment
  1. Jeff Jones says:

    I would prefer Sharesoc does NOT use my membership to fund this kind of activity.
    Investors should do their own due diligence into individual companies before investing.

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