The mining firm Bitfarms expedited the dismissal of CEO Geoffrey Morphy following his lawsuit against the company. This was announced in a press release.
In March 2024, the company announced a change in CEO. At that time, it was expected that Morphy, who had held the position since December 2022, would continue his duties during the search for a new leader to ensure a “smooth transition.”
However, on May 10, he filed a lawsuit in the Ontario Superior Court, seeking $27 million from Bitfarms for breach of contract, wrongful dismissal, and punitive damages.
“The company believes the claims are without merit and intends to defend itself vigorously,” the statement reads.
The interim CEO is now the chairman and co-founder of the firm, Nicolas Bonta.
At the time of writing, Bitfarms shares are trading at $1.62, having fallen 6.07% in the last 24 hours and 50.91% since the beginning of the year.
In April, Bitfarms mined 269 BTC, a 6% decrease from March. For the miners’ results from the past month, see the special digest.