NEW YORK, NY / ACCESSWIRE / November 4, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Iris Energy Limited ("Iris Energy" or the "Company") (NASDAQ:IREN). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Iris Energy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until December 6, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Iris Energy securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On July 11, 2024, Culper Research published a report alleging, among other things, that Iris "talks a big game of its [high performance computing (‘HPC')] plans but ultimately seems entirely disinterested in actually doing what it takes to compete in the space," and that the Company "is a painfully transparent stock promotion that will unravel as investors realize [its] HPC claims are nonsense and [it] remains a cash guzzling machine." The Culper Research report further states that the Company's facilities, having been built for BTC mining, "are ill-equipped for HPC workloads without billions in additional costs."
On this news, Iris's stock price fell $1.70 per share, or 13.2%, to close at $11.20 per share on July 11, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
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