A securities class action has been filed in the USDC — E.D.N.Y. against Iris Energy Limited (IREN) (“IREN” “Iris Energy” or the “Company”), on behalf of all persons who purchased or otherwise acquired IREN securities between June 20, 2023 and July 11, 2024, both dates inclusive (the “Class Period”).
As of August 28, 2024, IREN stated that it was a “leading next-generation data center business powering the future of Bitcoin, AI and beyond[.]”Pertinent to this action, IREN previously described itself at times as simply a “leading sustainable Bitcoin miner” and then “a leading owner and operator of institutional grade, highly efficient Bitcoin mining data centers.”
On July 11, 2024, during market hours, Culper Research issued a report entitled “Iris Energy Ltd (IREN): A Prius at the Grand Prix” (the “Culper Report” or the “Report”).
The Complaint alleges that the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
(1) Defendants overstated IREN’s prospects with data centers and high-performance computing, in large part as a result of material deficiencies in the Company’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.
After the Culper Research publication on July 11, 2024, the price of IREN stock fell by $2.03 per share, to close at $11.20 per share on the same day.
If you purchased IREN securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.