Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 1, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Equinix, Inc. (“Equinix” or the “Company”) (NASDAQ: EQIX) securities between May 3, 2019 and March 24, 2024, inclusive (the “Class Period”).
If you suffered a loss on your Equinix investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Equinix-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On March 20, 2024 Hindenburg Research published a report alleging, among other things, that Equinix “manipulates its accounting” for its adjusted funds from operations, overstating the metric by approximately 22% in 2023.
On this news, Equinix’s stock price fell $19.70, or 2.3%, to close at $824.88 per share on March 20, 2024, thereby injuring investors.
Then, on March 25, 2024, the Company disclosed that it had received a subpoena from the U.S. Attorney’s Office of the Northern District of California.
On this news, Equinix’s stock price fell $8.45, or 1.1%, to close at $792.52 per share on March 25, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Equinix manipulated its financials to reduce operational expenses and boost Adjusted Funds From Operations (“AFFO”); (2) Equinix oversold power capacity and did not warn of the risks associated with this practice; (3); Equinix lacked adequate internal controls; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Equinix securities during the Class Period, you may move the Court no later than July 1, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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