Iris Energy Limited
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Iris Energy Limited (“Iris” or the "Company") (NASDAQ: IREN) securities between November 14, 2021 through November 1, 2022 (the “Class Period”). Investors have until February 13, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Iris operates as a renewable energy company and owns and operates real assets, including data center infrastructure, powered by renewable energy.
On or about November 17, 2021, FIGS conducted its IPO, offering approximately 8.27 million shares of its common stock to the investing public at a price of $28 per share.
On November 2, 2022, Iris issued a press release disclosing, among other things, that "[c]ertain equipment (i.e., Bitcoin miners) owned by [Non-Recourse SPV 2 and Non-Recourse SPV 3] currently produce insufficient cash flow to service their respective debt financing obligations and have a current market value well below the principal amount of the relevant loans" and that
"[r]estructuring discussions with the lender remain ongoing." On this news, the price of Iris shares fell by $0.51 per share, or approximately 15.04%, from $3.39 per share to close at $2.88 on November 2, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) certain of Iris's Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations; (ii) accordingly, Iris's use of equipment financing agreements to procure Bitcoin miners was not as sustainable as Defendants had represented; (iii) the foregoing was likely to have a material negative impact on the Company's business, operations, and financial condition; and (iv) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.