Iris Energy Class Action Lawsuit IREN | Deadline February 13, 2023

Iris Energy Class Action Lawsuit (IREN Lawsuit)

A lawsuit has been filed in the District of New Jersey against Iris Energy Limited, (IREN:NASDAQ) because certain of Iris’s Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations. IREN stock fell 110%.

What is Iris Energy Class Action Lawsuit About?

The Iris Energy Class Action Lawsuit (NASDAQ:IREN) (Iris Energy Class Action Lawsuit) was filed on December 14, 2022.

On November 2, 2022, during pre-market hours, Iris issued a press release (the “November 2022 Press Release”), disclosing, inter alia, that “certain equipment (i.e., Bitcoin 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 “restructuring discussions with the lender remain ongoing.”

On this news, Iris’s ordinary share price fell $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022—a nearly 90% decline from the Offering price.

Is There An Iris Energy Class Action Lawsuit?

IREN:NASDAQ Class Action Lawsuit (Iris Energy)  was filed on December 14, 2022 on behalf of the shareholders.

On November 2, 2022, during pre-market hours, Iris issued a press release (the “November 2022 Press Release”), disclosing, inter alia, that “[c]ertain equipment (i.e., Bitcoin 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 “restructuring discussions with the lender remain ongoing.”

On this news, Iris’s ordinary share price fell $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022—a nearly 90% decline from the Offering price.

Is There A Deadline For Iris Energy Lawsuit?

The deadline for Iris Energy Class Action Lawsuit (NASDAQ:IREN) (Iris Energy) is February 13, 2023 for a Lead Plaintiff.

How Much Did Shareholders Lose In IREN Stock?

Shareholders who held Iris’s ordinary share price fell $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022—a nearly 90% decline from the Offering price.

What Is The Iris Energy Lawsuit Complaint?

An IREN class action lawsuit (Iris Energy Class Action Lawsuit) has been filed on behalf of investors who purchased Iris Energy Class Action Lawsuit (IREN) securities between November 17, 2021 – November 1, 2022, inclusive. For more on the IREN Lawsuit please contact us today.

According to the Iris Energy lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:

((i) certain of Iris’s Bitcoin 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 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, 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.

If you suffered a loss in IREN, you have until February 13, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Securities Class Action Attorneys

Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

What Is The Lead Plaintiff Process?

THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired IREN securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The IREN class-action lawsuit is directed by the lead plaintiff. To litigate the Iris Energy Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the Iris Energy.

What Does IREN Do?

Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific.

The company was incorporated in 2018 and is headquartered in Sydney, Australia.