Robbins LLP is Investigating Allegations that Iris Energy Limited (IREN) Misled Investors regarding its Prospects with Data Centers and High-Performance Computing

Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities who purchased or otherwise acquired Iris Energy Limited (NASDAQ: IREN) securities between June 20, 2023 and July 11, 2024. Iris describes itself as a “leading next-generation data center business powering the future of Bitcoin, AI and beyond[.]”

The Allegations

According to the complaint, defendants failed to disclose that they had overstated Iris Energy’s prospects with data centers and high performance computing, in large part as a result of material deficiencies in Iris Energy’s Childress County, Texas site.

The lawsuit further alleges that on July 11, 2024, Culper Research issued a report entitled “Iris Energy Ltd (IREN): A Prius at the Grand Prix.” On this news, the price of Iris Energy’s stock fell by more than 15%, according to the complaint.

What Now: You may be eligible to participate in the class action against Iris Energy Limited. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 6, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.