Lead Plaintiff Deadline is February 6, 2023
New York, New York--(Newsfile Corp. - December 13, 2022) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, informs investor who purchased Iris Energy Limited (NASDAQ: IREN) ("Iris Energy" or the "Company") that a securities class action has been filed against Iris Energy and certain of the Company's directors and officers, as well as the underwriters of Iris Energy's November 2021 initial public offering ("IPO") (collectively, "Defendants"), alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
If you purchased Iris Energy common stock pursuant to and/or traceable to the Company's Registration Statement and Prospectus (collectively, the "Offering Documents") issued in connection with the Company's IPO, or during November 17, 2021 through November 1, 2022, inclusive (the "Class Period"), you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 for more information.
CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS CLASSACTION
Iris touts itself as a leading owner and operator of institutional-grade, highly efficient, proprietary Bitcoin mining data centers powered by 100% renewable energy.
According to the complaint, which was filed in the United States District Court for the District of New Jersey, Defendants made false and misleading statements and/or failed to disclose material information about Iris's Bitcoin miners and its equipment-financing practices. Specifically, that certain of Iris's Bitcoin miners were unlikely to produce sufficient cash flow to service their debt-financing obligations and that Iris's use of equipment-financing agreements to procure Bitcoin miners was not as sustainable as represented. Consequently, Iris's business, operations, and financial condition was (and would be) negatively impacted.
Ultimately, on November 2, 2022, Iris issued a press release disclosing the truth, revealing that "certain equipment" Iris relied on "currently produce insufficient cash flow to service their respective debt financing obligations" and, as a result, "have a current market value well below the principal amount of the relevant loans[,]" requiring Iris to have "ongoing" restructuring discussions with the lender.
On this news, Iris's 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 Iris's IPO offering price of $28 per share.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is February 6, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Iris Energy shares during the Class Period, orif you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
Attorney Advertising.
CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
(888) 398-9312
jzimmerman@scott-scott.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147931
