IRIS ENERGY DEADLINE ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Iris Energy To Contact Him Directly To Discuss Their Options
Dec. 30, 2022
/PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Iris Energy Limited (“Iris Energy” or the “Company”) (NASDAQ: IREN) and reminds investors of the
February 13, 2023
deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding
investing in (a) Iris ordinary shares pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about
November 17, 2021
(the “IPO” or “Offering”); and/or (b) Iris securities between
November 17, 2021
November 1, 2022
, both dates inclusive (the “Class Period”)
and would like to discuss your legal rights, call Faruqi & Faruqi partner
. You may also click here for additional information:
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in
Iris touts itself as a leading owner and operator of institutional-grade, highly efficient, proprietary
mining data centers powered by 100% renewable energy.
mining operations purportedly generate revenue by earning
through a combination of block rewards and transaction fees from the operation of specialized computing equipment called “miners” or ”
miners” and exchanging these
for fiat currencies such as U.S. dollars or Canadian dollars on a daily basis.
Iris has three wholly-owned special purpose vehicles, referred to as “Non-Recourse SPV 1”, “Non-Recourse SPV 2”, and “Non-Recourse SPV 3” (collectively, the “Non-Recourse SPVs”), each of which was incorporated for the specific purpose of financing certain of the
miners operated by the Company.
October 25, 2021
, Iris filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after several amendments, was declared effective by the SEC on
November 16, 2021
(the “Registration Statement”).
On or about
November 17, 2021
, Iris conducted the IPO, issuing approximately 8.27 million of its ordinary shares to the public at the Offering price of
per ordinary share for approximate proceeds to the Company of
, before expenses, and after applicable underwriting discounts and commissions.
November 18, 2021
, Iris filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, together with the Registration Statement, the “Offering Documents”).
The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Iris’s
miners, owned through its Non-Recourse SPVs, 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
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, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
November 2, 2022
, Iris issued a press release disclosing, among other things, that “[c]ertain equipment (i.e.,
miners) owned by [Non-Recourse SPV 2 and Non-Recourse SPV 3] currently produce insufficient cash flow to service their respective debt financing obligations and have a current market value well below the principal amount of the relevant loans” and that “[r]estructuring discussions with the lender remain ongoing.”
On this news, Iris’s ordinary share price fell
per share, or 15.04%, to close at
per share on
, 2022—a nearly 90% decline from the Offering price.
As of the time the Complaint was filed, Iris’s ordinary shares continue to trade significantly below the
per share Offering price, damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Iris Energy’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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