NEW YORK--(BUSINESS WIRE)--
, a leading national securities law firm, is investigating potential claims against Iris Energy Limited (“Iris” or the “Company”) (NASDAQ: IREN) and reminds investors of the December 6, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See .
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Defendants overstated Iris Energy’s prospects with data centers and high performance computing, in large part as a result of material deficiencies in Iris Energy's Childress County, Texas site; and (2) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
What is this about: On July 11, 2024, Culper Research issued a report ("the Report") in which it announced it had taken a short position in Iris Energy Limited. The Report noted Iris is a "bitcoin miner that now promotes itself as a high performance computing ("HPC") data center play." In addition, the Report stated Iris "is a painfully transparent stock promotion that will unravel as investors realize the Company's HPC claims are nonsense and IREN remains a cash guzzling machine."
On this news, Iris' stock fell $1.70 per share, or 13.1%, to close at $11.20 per share on July 11, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Iris’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Iris Energy class action, go to or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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