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Iris Energy Limited Class Action Lawsuit - IREN

11 days left to seek lead plaintiff status

Case Summary

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The Iris Energy class action lawsuit seeks to represent purchasers or acquirers of Iris Energy Limited (NASDAQ: IREN) ordinary shares pursuant and/or traceable to the offering documents issued in connection with Iris Energy’s initial public offering conducted on or about November 17, 2021 (the “IPO”) and/or securities between November 17, 2021 and November 1, 2022, both dates inclusive (the “Class Period”).  Captioned Sterling v. Iris Energy Limited, No. 22-cv- 07273 (D.N.J.), the Iris Energy class action lawsuit charges Iris Energy as well as certain of its top executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Iris Energy class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Iris Energy class action lawsuit must be filed with the court no later than February 13, 2023.

CASE ALLEGATIONS: Iris Energy touts itself as a leading owner and operator of institutional-grade, highly efficient, proprietary Bitcoin mining data centers powered by 100% renewable energy.  Iris Energy 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”).  On or about November 17, 2021, Iris Energy conducted its IPO, issuing more than 8.2 million of its ordinary shares to the public at $28 per ordinary share for approximate proceeds to Iris Energy of $215 million, before expenses, and after applicable underwriting discounts and commissions.

The Iris Energy class action lawsuit alleges that the IPO’s offering documents and defendants throughout the Class Period failed to disclose that: (i) certain of Iris Energy’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 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 Iris Energy’s business, operations, and financial condition.

On November 2, 2022, Iris Energy revealed 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 “[r]estructuring discussions with the lender remain ongoing.”  On this news, Iris Energy’s ordinary share price fell by more than 15%, a nearly 90% decline from the IPO price.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Iris Energy ordinary shares pursuant and/or traceable to the offering documents issued in connection with the IPO and/or securities during the Class Period to seek appointment as lead plaintiff in the Iris Energy class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Iris Energy class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Iris Energy class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Iris Energy class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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