New York, New York--(Newsfile Corp. - January 31, 2023) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, reminds investors that a securities class action alleging violations of both the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") has been filed against Iris Energy Limited ("Iris Energy" or the "Company") (NASDAQ: IREN) and certain directors and officers (collectively, "Defendants"). If you purchased or otherwise acquired shares of Iris Energy between November 17, 2021 and November 1, 2022, inclusive (the "Class Period"), including pursuant and/or traceable to the registration statement and prospectus issued in connection with Iris Energy's November 17, 2021 initial public offering ("IPO"), and lost money, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 for more information.
CLICK HERE TO RECEIVE ADDITIONAL INFORMATION ABOUT THIS CLASS ACTION
Iris Energy is an owner and operator of Bitcoin mining data centers that are purportedly powered by 100% renewable energy.
According to the complaint filed in the United States District Court for the District of New Jersey, Defendants misleadingly claimed or failed to disclose, among other things, that: (i) certain of Iris Energy's miners, owned through its Non-Recourse special-purpose vehicles, were unlikely to produce sufficient cash flow to service their respective debt financing obligations; (ii) accordingly, Iris Energy's use of equipment financing agreements to procure Bitcoin miners was not as sustainable as Defendants had represented; and (iii) the foregoing was likely to have a material negative impact on the Company's business, operations, and financial condition.
As the market learned the truth, according to the complaint, the price of Iris Energy's shares declined, closing on November 2, 2022, for example, at $2.88 per share, or nearly 90% below the $28 offering IPO price.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is February 6, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Iris Energy shares during the Class Period, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312, or jzimmerman@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
Attorney Advertising
CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(888) 398-9312
jzimmerman@scott-scott.com
To view the source version of this press release, please visit