Pomerantz Law Firm Announces the Filing of a Class Action Against Iris Energy Limited - IREN

Pomlaw 22-Oct-2024 4:09 PM

Pomerantz LLP announces that a class action lawsuit has been filed against Iris Energy Limited ("Iris Energy" or the "Company") (NASDAQ:IREN).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Iris Energy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until December 6, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Iris Energy securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]

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 Culper Research report further states that the Company's facilities, having been built for BTC mining, "are ill-equipped for HPC workloads without billions in additional costs." 

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