What's Going On With Bitcoin Mining Stock Bitfarms?

Shares of Bitcoin BTC/USD mining company Bitfarms Ltd BITF are trading lower. The company on Monday announced the termination of its CEO.

What Happened: Bitfarms announced in late March that Geoffrey Morphy would continue serving as president and CEO pending an executive search for a replacement. The company on Monday announced Morphy’s termination, effective immediately.

Bitfarms said Morphy filed a Statement of Claim in the Superior Court of Ontario against the company on May 10, claiming damages for breach of contract and wrongful dismissal, as well as aggravated and punitive damages of $27 million.

“The Company believes the claims are without merit and intends to defend itself vigorously,” Bitfarms said in the release.

Nicolas Bonta, chairman and co-founder of Bitfarms, has been appointed interim president and CEO. Bonta will lead the company until the executive search is completed and a successor is appointed. Bitfarms noted that its executive search is nearing completion. The company expects to appoint a new CEO in the “next several weeks.”

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Bitfarms also announced on Monday that it will report its first-quarter financial results before the market open on May 15.

BITF Price Action: Bitfarms shares were down 6.65% at $1.61 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.