The Law Offices of Frank R. Cruz Announces Investigation of Iris Energy Limited (IREN) on Behalf of Investors

Business Wire 15-Jul-2024 2:32 PM

The Law Offices of Frank R. Cruz announces an investigation of Iris Energy Limited ("Iris" or the "Company") (NASDAQ:IREN) on behalf of investors concerning the Company's possible violations of federal securities laws.

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On July 11, 2024, Culper Research published a report alleging, among other things, that Iris "talks a big game of its [high performance computing ("HPC")] plans but ultimately seems entirely disinterested in actually doing what it takes to compete in the space," and that the Company "is a painfully transparent stock promotion that will unravel as investors realize [its] HPC claims are nonsense and [it] remains a cash guzzling machine." The report further states that the Company's facilities were built for BTC mining and "are ill-equipped for HPC workloads without billions in additional costs."

On this news, Iris's stock price fell $1.70, or 13.2%, to close at $11.20 per share on July 11, 2024, thereby injuring investors.

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If you purchased Iris securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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