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][4]. Group 1: Legal Investigation and Class Action - The law firm 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][6]. - The complaint alleges that Iris Energy and its executives violated federal securities laws by making false and misleading statements about the company's prospects and operations [4]. Group 2: Stock Performance and Market Reaction - On July 11, 2024, a report from Culper Research announced a short position in Iris Energy, claiming the company was misrepresenting its high-performance computing capabilities, leading to a significant stock decline of $1.70 per share, or 13.1%, closing at $11.20 per share [5]. Group 3: Company Background and Recovery Efforts - Faruqi & Faruqi, LLP has a history of recovering hundreds of millions of dollars for investors since its founding in 1995, indicating a strong track record in securities litigation [3]. - The firm is also seeking information from whistleblowers, former employees, and shareholders regarding Iris Energy's conduct [7].

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 data center and high-performance computing prospects [1][2]. Group 1: Allegations and Impact - The lawsuit claims that Iris Energy overstated its prospects due to material deficiencies at its Childress County, Texas site [2]. - Following the release of a report by Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price dropped by over 15% [3]. Group 2: Legal Proceedings - Shareholders interested in serving as lead plaintiffs must submit their applications by December 6, 2024, and participation in the case is not required to be eligible for recovery [4]. - Robbins LLP operates on a contingency fee basis, meaning shareholders incur no fees or expenses unless the case is won [5]. Group 3: About Robbins LLP - Robbins LLP is recognized for its focus on shareholder rights litigation and has successfully recovered over $1 billion for shareholders since its inception in 2002 [6].

Core Viewpoint - A shareholder has filed a securities class action lawsuit against Iris Energy Limited, alleging misrepresentations regarding the company's data centers and high-performance computing capabilities during the class period from June 20, 2023, to July 11, 2024 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Iris Energy made misrepresentations concerning its prospects, particularly related to material deficiencies at its Childress County, Texas site [2]. - Investors who purchased or acquired Iris Energy securities during the specified class period are included in the lawsuit [1]. Group 2: Legal Process - Interested parties wishing to serve as lead plaintiff must file necessary documents by December 6, 2024 [3]. - Serving as lead plaintiff is not a requirement for investors to share in any potential recovery from the lawsuit [3]. Group 3: Law Firm Background - Bernstein Liebhard LLP, the law firm handling the case, has recovered over $3.5 billion for clients since 1993 and has a strong track record in class action litigation [4].

NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Iris Energy Limited ("Iris Energy" or the "Company") (NASDAQ: IREN) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Iris Energy securities between June 20, 2023 and July 11, 2024, both dates inclusive (the "Class Period"). Inv ...

Investors can contact the law firm at no cost to learn more about recovering their losses LOS ANGELES, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Iris Energy Limited Investors ("Iris Energy Limited" or the "Company") (NASDAQ: IREN) investors of a class action representing investors that bought securities between June 20, 2023 and July 11, 2024, inclusive (the "Class Period"). Iris Energy Limited investors have until December 6, 2024 to file a lead plaintiff motion. Investors are encourag ...

Core Insights - IREN reported a significant increase in Bitcoin mining operations, achieving 347 Bitcoin mined in September 2024, with a notable reduction in electricity costs per Bitcoin to $23.6k, reflecting improved efficiency [2][3] - The company is on track to increase its installed hashrate to 31 EH/s by the fourth quarter of 2024, having already achieved 21 EH/s [3] - AI Cloud Services revenue decreased to $685,000 in September due to re-contracting efforts, but strong customer demand remains evident [4] Bitcoin Mining - The average operating hashrate increased to 16.5 EH/s in September from 10.9 EH/s in August, marking a 51% increase [2] - Mining revenue rose by 42% to $21.4 million in September, driven by increased capacity [3] - The hardware profit margin for Bitcoin mining improved to 62% in September, up from 51% in August [2] AI Cloud Services - AI Cloud Services revenue for September was $685,000, down from $1.29 million in August, attributed to re-contracting of Poolside capacity [4] - The company has purchased an additional 1,080 NVIDIA H200 GPUs, increasing the total GPU fleet to 1,896 [4] - The AI Cloud Services segment is estimated to contribute approximately 10% to run-rate earnings by year-end [2] Data Centers - IREN operates 360 MW of data center capacity, with plans to expand to 510 MW in 2024 [2] - Childress Phase 2 (100 MW) is complete, and Phase 3 (150 MW) is expected to be operational in Q4 2024 [5] - The company is engaged in ongoing monetization conversations regarding its data centers [2] Community Engagement - The IREN Community Grants Program is actively funding initiatives that benefit local communities, with events scheduled in Mackenzie, Prince George, and Childress [7] - Upcoming events include participation in various conferences, enhancing community and industry engagement [7]

. . . ROSEN, A LEADING AND LONGSTANDING FIRM, Encourages Iris Energy Limited Investors to Inquire About Securities Class Action Investigation - IREN September 17, 2024 12:06 PM EDT | Source: The Rosen Law Firm PA New York, New York--(Newsfile Corp. - September 17, 2024) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Iris Energy Limited (NASDAQ: IREN) resulting from allegations that IREN may have issued materially mi ...

Core Viewpoint - Iris Energy Limited (IREN) is expanding its AI Cloud Services by purchasing 1,080 NVIDIA H200 GPUs for $43.9 million, which is expected to increase the AI Cloud Services contribution to earnings to approximately 10% by the end of 2024 [1][2][3]. Expansion of AI Cloud Services - The purchase of the GPUs is part of IREN's strategy to meet strong demand for new-generation GPUs and is expected to enhance its AI Cloud Services business significantly [1][2]. - The delivery and commissioning of the GPUs are anticipated in the fourth quarter of 2024 [2]. Expansion of Bitcoin Mining - IREN's current installed capacity for Bitcoin mining is 18.8 EH/s, with plans to expand to 20 EH/s this month and 30 EH/s by the fourth quarter of 2024 [2][3]. - The company aims to maintain a high efficiency of 16.3 J/TH, which is projected to improve to 15 J/TH with the expansion [3]. Business Mix and Financial Projections - By the end of 2024, AI Cloud Services are estimated to contribute around $33 million in revenue, while Bitcoin mining is projected to generate $460 million [5]. - The overall profit from hardware is estimated at $32 million for AI Cloud Services and $304 million for Bitcoin mining, indicating a business mix of approximately 10% from AI Cloud Services and 90% from Bitcoin mining [5]. Infrastructure and Technology - IREN operates a data center portfolio of 510 MW, with plans to expand to 330 MW of operating data centers [14]. - The company utilizes 100% renewable energy for its operations, supporting sustainability and efficiency in both AI Cloud Services and Bitcoin mining [14].

Core Insights - IREN, a next-generation data center company, released its monthly investor update for August 2024, highlighting significant developments in Bitcoin mining and AI cloud services [1][2]. Bitcoin Mining - The company operates 300 MW of Bitcoin mining capacity, with plans to expand to 510 MW by the end of 2024 [2][6]. - In August 2024, IREN mined 245 Bitcoin, an increase from 222 Bitcoin in July [3][4]. - The average operating hashrate increased to 10,940 PH/s in August from 9,008 PH/s in July [3]. - Electricity costs per Bitcoin significantly decreased to $29,958 in August from $61,677 in July, following a transition to spot pricing [4][3]. - Mining revenue for August reached $14.985 million, up from $13.592 million in July [3]. AI Cloud Services - IREN has installed 816 NVIDIA H100 GPUs, servicing multiple customers, and reported AI cloud services revenue of $1.29 million in August [3][5]. - The company anticipates strong customer demand and has a growing pipeline for AI cloud services [5]. Data Centers - IREN's data center capacity is set to reach 510 MW in 2024, with ongoing construction at Childress Phase 2 (100 MW) and Phase 3 (150 MW) [6]. - The company is engaged in monetization conversations and has signed NDAs with interested parties [6]. - Current operating data centers include Canal Flats, Mackenzie, Prince George, and Childress, totaling 300 MW of capacity [6]. Corporate Financials - As of June 30, 2024, IREN reported $405 million in cash and no debt [8]. - The company continues to experience growth across revenue, earnings, and cash flow [8].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Iris Energy Limited (NASDAQ: IREN) due to allegations of materially misleading business information issued by the company [1] Group 1: Legal Action and Investor Rights - Investors who purchased IREN securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2] - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to IREN [2] Group 2: Company Performance and Market Reaction - On July 11, 2024, Culper Research issued a report taking a short position in IREN, labeling it as a "painfully transparent stock promotion" and questioning the validity of its high-performance computing claims [3] - Following the report, IREN's stock price fell by $1.70 per share, or 13.1%, closing at $11.20 per share on the same day [3] Group 3: Rosen Law Firm's Credentials - The 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 [4] - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]