Bitfarms Announces CEO Firing Amid Lawsuit and Stock Price Plunge
Monday, 13 May 2024, 18:10
Bitfarms Shares Plunged After CEO Firing
Bitfarms Ltd. dismisses interim CEO Geoffrey Morphy amid a lawsuit for $27M in damages, causing a significant drop in their stock prices.
- Bitfarms announced the termination of Geoffrey Morphy as its interim President and CEO.
- The decision follows Morphy's $27 million lawsuit against the company, citing breach of contract and wrongful dismissal.
- The market responded with over a 6% drop in Bitfarms' shares on the announcement day, indicating concerns around the company's stability.
Bitfarms continues its CEO search with Nicolas Bonta, the co-founder and chairman, temporarily assuming leadership responsibilities.
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