NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Iris Energy Limited (“Iris” or the “Company”) (NASDAQ: IREN). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Iris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
