07:55 AM EDT, 05/13/2024 (MT Newswires) -- Bitfarms ( BITF ) on Monday said Geoffrey Morphy, who had been continuing as chief executive and president until a replacement was appointed, has been terminated effective immediately.

Nicolas Bonta, Bitfarms' ( BITF ) chairman and co-founder, has been appointed interim CEO and president.

On May 10, Morphy filed a statement of claim in the Superior Court of Ontario claiming damages for breach of contract, wrongful dismissal and aggravated and punitive damages of US$27 million. Bitfarms ( BITF ) said the claims are without merit and will defend itself vigorously.

A new CEO will be appointed in the next several weeks, Bitfarms ( BITF ) said.

Bitfarms ( BITF ) also announced that it will now report its first quarter results on May 15, instead of May 13. The conference call will also be moved to May 15.

Bitfarms ( BITF ) is up 2.3% in US premarket trade to US$1.77.