Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Iris Energy Limited due to allegations of misleading statements regarding the company's business prospects and operations, particularly related to its data centers and high-performance computing capabilities [2][3]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi, LLP is encouraging investors who suffered losses exceeding $75,000 in Iris Energy between June 20, 2023, and July 11, 2024, to discuss their legal rights [1]. - A federal securities class action has been filed against Iris Energy, with a deadline of December 6, 2024, for investors to seek the role of lead plaintiff [2]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [2]. Group 2: Allegations Against Iris Energy - The complaint alleges that Iris Energy and its executives violated federal securities laws by making false and misleading statements about the company's prospects, particularly due to deficiencies at its Childress County, Texas site [3]. - The report from Culper Research indicated that Iris Energy is misrepresenting itself as a high-performance computing data center, while it is primarily a bitcoin miner [4]. - Following the release of the report, Iris Energy's stock fell by $1.70 per share, or 13.1%, closing at $11.20 per share on July 11, 2024 [4]. Group 3: Call for Information - Faruqi & Faruqi, LLP is also seeking information from whistleblowers, former employees, and shareholders regarding Iris Energy's conduct [5].

Core Viewpoint - A class action lawsuit has been filed against Iris Energy Limited (NASDAQ: IREN) by a shareholder, alleging that the company misled investors regarding its prospects in data centers and high-performance computing [1][2]. Allegations - The lawsuit claims that Iris Energy overstated its prospects due to material deficiencies at its Childress County, Texas site [1]. - A report by Culper Research on July 11, 2024, titled "Iris Energy Ltd (IREN): A Prius at the Grand Prix," led to a more than 15% drop in Iris Energy's stock price [2]. Legal Proceedings - Shareholders interested in serving as lead plaintiffs must submit their applications by December 6, 2024 [2]. - Participation in the class action is not required to be eligible for recovery, and all representation is on a contingency fee basis [2]. Company Background - Robbins LLP, the law firm handling the case, has a history of litigating securities class actions and has recovered over $1 billion for shareholders since its inception in 2002 [3].

Core Viewpoint - The article discusses a class action lawsuit against Iris Energy Limited, alleging that the company and its executives made misleading statements regarding its business prospects, particularly related to data centers and high-performance computing [2][3]. Group 1: Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited and covers purchasers of Iris Energy securities from June 20, 2023, to July 11, 2024 [1]. - The lawsuit claims that Iris Energy overstated its prospects due to deficiencies at its Childress County, Texas site [2]. - Following a report by Culper Research on July 11, 2024, Iris Energy's stock price dropped by over 15% [2]. Group 2: Lead Plaintiff Process - The Private Securities Litigation Reform Act of 1995 allows investors who purchased Iris Energy securities during the class period to seek appointment as lead plaintiff [3]. - The lead plaintiff represents the interests of all class members and can choose a law firm to litigate the case [3]. Group 3: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a prominent law firm specializing in securities fraud cases, having recovered $6.6 billion for investors in class action cases [4]. - The firm has been ranked 1 in securing monetary relief for investors in six out of the last ten years [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Iris Energy Limited during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1] Group 1: Class Action Details - The class action lawsuit against Iris Energy Limited claims that the defendants made materially false and misleading statements regarding the company's prospects and operations, particularly related to its data centers and high-performance computing [3] - Investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1][3] - The deadline to move the Court to serve as lead plaintiff is December 6, 2024 [1] Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [2][5] - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone [2][5] - Many attorneys at Rosen Law Firm have received recognition from independent sources, enhancing the firm's credibility in representing investors [2][5]

Group 1 - The Gross Law Firm has issued a notice to shareholders of Iris Energy Limited (NASDAQ: IREN) regarding a class action lawsuit for shareholders who purchased shares during the class period from June 23, 2023, to July 11, 2024 [1] - The allegations state that the defendants made materially false and misleading statements about Iris Energy's business prospects, particularly related to data centers and high-performance computing, due to deficiencies at the Childress County, Texas site [1] - Shareholders are encouraged to register for the class action and can do so without any cost or obligation, with a deadline to seek lead plaintiff status set for December 6, 2024 [2] Group 2 - The Gross Law Firm is recognized nationally for its commitment to protecting investors' rights against deceit and fraud, aiming to ensure companies engage in responsible business practices [3] - The firm seeks recovery for investors who suffered losses due to misleading statements or omissions that led to artificial inflation of stock prices [3]

Core Viewpoint - The Gross Law Firm is notifying shareholders of Iris Energy Limited regarding a class action lawsuit due to alleged misleading statements and omissions related to the company's business prospects and operations [1][2]. Group 1: Class Action Details - The class period for the lawsuit is from June 23, 2023, to July 11, 2024 [2]. - Allegations include that Iris Energy overstated its prospects related to data centers and high-performance computing, particularly due to deficiencies at its Childress County, Texas site [2]. - The lawsuit claims that the defendants' statements about the company's business and operations were materially false and misleading [2]. Group 2: Shareholder Actions - Shareholders are encouraged to register for the class action by December 6, 2024, to potentially be appointed as lead plaintiffs [3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's progress [3]. - Participation in the case incurs no cost or obligation for shareholders [3]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements [4].

Core Insights - Iris Energy Limited (IREN) is expanding its AI Cloud Services and data center capabilities, with significant profit contributions expected from its hardware operations by the end of 2024 [2][14]. AI Cloud Services - IREN's AI Cloud Services division is projected to generate approximately $32 million in annualized hardware profit by December 2024, contributing around 10% to the company's overall earnings [2]. - The current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with pending contracts expected to cover the remaining capacity [2]. - IREN plans to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024, more than doubling its existing AI capacity [3]. - AI Cloud Services currently utilize less than 0.5% of IREN's total data center capacity, indicating significant room for scalability as new customer contracts are secured [3]. Data Center Expansion - The target energization date for IREN's 1.4GW substation at its West Texas data center project has been moved forward to April 2026, earlier than the original date of October 2026 [4]. - IREN has engaged an EPC contractor to develop its high and medium-voltage substation infrastructure, with ongoing work on design and specifications [4]. - The company has secured 800 additional acres of land, increasing its total landholding to over 1,300 acres [5]. Financial Metrics - The calculations for AI Cloud Services assume a power draw of 1.25kW per GPU and electricity costs of $0.045/kWh, with a revenue assumption range of $2.00 - $2.50 per GPU hour [6]. - Bitcoin mining is expected to generate $317 million in illustrative annualized exit run-rate hardware profit by the end of 2024, significantly higher than the AI Cloud Services profit [6]. Renewable Energy Commitment - IREN is committed to utilizing 100% renewable energy for its operations, targeting sites with low-cost and underutilized renewable energy [16].

Core Viewpoint - The article discusses a class action lawsuit against Iris Energy Limited, alleging violations of the Securities Exchange Act of 1934 due to misleading statements regarding the company's data center operations and performance [1][3]. Group 1: Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited, and it covers purchasers or acquirers of Iris Energy securities from June 20, 2023, to July 11, 2024 [1]. - The lawsuit claims that Iris Energy overstated its prospects related to data centers and high-performance computing, particularly due to deficiencies at its Texas site [3]. - Following a report from Culper Research on July 11, 2024, Iris Energy's stock price dropped by over 15% [4]. Group 2: Lead Plaintiff Process - Investors who acquired Iris Energy securities during the class period can seek to be appointed as lead plaintiff, representing the interests of the class [5]. - The lead plaintiff is typically the investor with the greatest financial interest and must be typical and adequate of the class [5]. Group 3: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a prominent law firm specializing in securities fraud cases, having recovered $6.6 billion for investors in class action cases [6]. - The firm has been ranked 1 in securing monetary relief for investors in six out of the last ten years [6].

Group 1 - A securities fraud lawsuit has been filed against Iris Energy Ltd and certain executives, with a focus on potential recovery for investors who have lost money [1][2] - Iris Energy is a bitcoin mining operation accused of making false claims regarding its data center's capabilities for high-performance computing [2] - Investors who purchased Iris Energy common stock between June 20, 2023, and July 11, 2024, may be eligible to participate in the lawsuit, regardless of whether they sold their shares [3] Group 2 - The deadline to seek appointment as lead plaintiff in the lawsuit is December 06, 2024, and a class has not yet been certified [4] - Whistleblowers with non-public information about Iris Energy are encouraged to assist in the investigation, with potential rewards of up to 30% of any successful recovery from the SEC [5] - Block & Leviton is recognized as a leading securities class action firm, having recovered billions for defrauded investors through litigation [6]

Core Viewpoint - A class action securities lawsuit has been filed against Iris Energy Limited, alleging securities fraud that affected investors between June 23, 2023, and July 11, 2024 [1][2]. Group 1: Lawsuit Details - The complaint claims that defendants overstated Iris Energy's prospects related to data centers and high-performance computing, primarily due to significant deficiencies at the Childress County, Texas site [2]. - As a result of these misrepresentations, statements regarding Iris Energy's business, operations, and future prospects were materially false and misleading [2]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until December 6, 2024, to request appointment as lead plaintiff, although participation in any recovery does not require this role [3]. - Class members may be entitled to compensation without incurring any out-of-pocket costs or fees [3]. Group 3: Legal Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].