Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
IREN.US
id: 1366
Iris Energy (IREN) HPC Shift Issues Case
The court has appointed the lead plaintiff to represent the class.
E.D. New York
Court1:24-cv-07046
Case number06/20/2023
Class period Start07/11/2024
Class period End12/06/2024
Lead Plaintiff motion deadline- $IREN stockholders filed a suit against Iris Energy for misleading them about its ability to expand from Bitcoin mining to high-performance computing.
- On July 11, 2024, IREN fell by over 15% after a report revealed significant misrepresentations about its business operations.
- Iris Energy investors can join this case to be notified about potential recovery.
Case Details:
On July 11, 2024, Culper Research published a report exposing that Iris Energy’s Texas facility lacked the necessary infrastructure for high-performance computing (HPC).
This raised doubts about the company’s shift from Bitcoin mining to HPC and questioned whether the move was just a cover for its struggling Bitcoin mining operations.
The report revealed major issues, including the lack of essential infrastructure like backup power and cooling systems needed for HPC operations.
Following the release of the report, $IREN fell by over 15%.
Based on these events, $IREN investors filed a claim against the company, accusing it of the following:
- The company overstated its ability to enter the high-performance computing sector.
- The company failed to disclose that the Childress, Texas facility lacked essential infrastructure for HPC operations.
Considering all these representations, investors suspect that Iris Energy overstated its ability to switch to high-performance computing while hiding problems at its Texas facility.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07/11/2024
Filing date
10/07/2024
Lead Plaintiff Deadline
12/06/2024
Judge
Peggy Kuo