10:53 AM EDT, 05/13/2024 (MT Newswires) -- Bitfarms ( BITF ) said Monday it terminated Geoffrey Morphy as president and chief executive, effective immediately, after he filed on Friday a lawsuit against the company for breach of contract, wrongful dismissal and punitive damages for $27 million.

The company said the claims are without merit and plans to defend itself.

Chairman Nicolas Bonta will serve as interim president and CEO until a successor is appointed, the company said, adding the executive search is almost complete and a new CEO will be appointed in the next several weeks.

Bitfarms ( BITF ) announced in March that Morphy was leaving the company, pending an executive search for his successor.

Shares of Bitfarms ( BITF ) fell 7.2% in recent trading.

Price: 1.61, Change: -0.13, Percent Change: -7.23