PHILADELPHIA, Pa., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Iris Energy Limited (“Iris” or the “Company”) (NASDAQ: IREN) on behalf of purchasers of Iris securities between June 20, 2023 and July 11, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired IRIS ENERGY securities during the Class Period may, no later than DECEMBER 6, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
Iris, based in Sydney, Australia, claims to be a “leading next-generation data center business powering the future of Bitcoin, AI and beyond.”
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Defendants overstated Iris’ prospects with data centers and high-performance computing (HPC), in large part as a result of material deficiencies in Iris’ Childress County, Texas site.
Investors learned the true state of Iris’ business on July 11, 2024. On that date, Culper Research published a report titled “Iris Energy Ltd (IREN): A Prius at the Grand Prix.” In the report, Culper accused the Company of being a bitcoin miner that promotes itself as an HPC “data center play,” and that it has dramatically misrepresented its strength and potential for HPC and AI application.
On this news, the price of Iris shares fell 15% to close at $11.20 per share on July 11, 2024.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague PC
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
