NEW ORLEANS, Sept. 6, 2024 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Equinix, Inc. (NasdaqGS: EQIX).
On March 20, 2024, Hindenburg Research released a report entitled "Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling an AI Pipe Dream As Insiders Cashed Out Hundreds of Millions" that detailed a multitude of allegations against the Company, including that it manipulated profit margin and AFFO by misclassifying typical operational expenses, or maintenance CapEx, as growth CapEx and engaged in an undisclosed and highly risky approach to revenue growth by overselling power capacity in the hope that the customer will not use all of the power, which could result in facility outages and a failure to fulfill contractual obligations. Then, on March 25, 2020, the Company disclosed that it had received a subpoena from the U.S. Attorney's Office for the Northern District of California and had commenced its own independent investigation into the issues raised in the Hindenburg report.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF's investigation is focusing on whether Equinix's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Equinix shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-eqix/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC
