The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Iris Energy Limited (NASDAQ: IREN) who purchased : (a) ordinary shares pursuant and/or traceable to the documents issued in connection with the Company’s initial public offering conducted on or about November 17, 2021; and/or (b) securities between November 17, 2021 and November 1, 2022, both dates inclusive. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Iris Energy Limited lawsuit alleges that (i) certain of Iris’s Bitcoin miners, owned through its wholly-owned special purpose vehicles, 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, documents issues in connection with the Company's initial public offering and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.
Shareholders have until February 13, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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