IREN Lawsuit – Iris Energy
Is There An Iris Energy Lawsuit?
Yes, There is an Iris Energy Class Action Lawsuit. The Iris Energy Limited (NASDAQ:IREN) was filed on December 14, 2022 at at the court of the District of New Jersey on behalf of shareholders.
The lawsuit was filed because on November 2, 2022, during pre-market hours, Iris issued a press release (the “November 2022 Press Release”), disclosing, inter alia, that “certain 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 “restructuring discussions with the lender remain ongoing.”
On this news, Iris’ ordinary share price fell $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022—a nearly 90% decline from the Offering price.
Iris Energy Lawsuit, What Is It About?
A lawsuit (Iris Energy Class Action Lawsuit) was filed on December 14, 2022 on behalf of shareholders who held common stock in Iris Energy Limited (IREN:NASDAQ).
Because on November 2, 2022, during pre-market hours, Iris issued a press release (the “November 2022 Press Release”), disclosing, inter alia, that “certain 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 “restructuring discussions with the lender remain ongoing.”
What is the Deadline for the IREN Lawsuit?
The deadline for a Lead Plaintiff is February 13, 2023. As a shareholder, you also want to submit your information as soon as you can, so you do not miss out on this class action and you will receive regular updates on the progress of the case, including a settlement announcement.
How much was the stock loss to shareholders in the IREN stock?
The stock price fell from $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022—a nearly 90% decline from the Offering price.
Shareholders who held IREN stock during November 17, 2021 – November 1, 2022, may want to register their losses.
Note if there are multiple drops, you need to list all price, drops and date.
What Is The Lawsuit Complaint against Iris Energy About?
An IREN class action lawsuit (Iris Energy Class Action Lawsuit) has been filed on behalf of investors who purchased Iris Energy Class Action Lawsuit (IREN) securities between November 17, 2021 – November 1, 2022, inclusive. For more on the IREN Lawsuit please contact us today.
According to the Iris Energy lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or 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.
If you suffered a loss in IREN, you have until February 13, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Securities Fraud Class Action Attorneys
Levi & Korsinsky, LLP, have represented Shareholders for over 20 years to secure hundreds of millions of dollars for aggrieved shareholders.
Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States and has built a track record of wining high-stake cases.
What Is Involved In The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired IREN securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The IREN class-action lawsuit is directed by the lead plaintiff. To litigate the Iris Energy Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Iris Energy.
What Does Iris Energy Limited Do?
Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific.
The company was incorporated in 2018 and is headquartered in Sydney, Australia.
Deadline of Submission is Until February 13, 2023
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