Core Viewpoint - The Gross Law Firm has issued a notice to 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]. Summary by Sections Class Action Details - The class period for the lawsuit is from June 23, 2023, to July 11, 2024 [2]. - Allegations include that defendants overstated Iris Energy's prospects related to data centers and high-performance computing, particularly due to deficiencies at the Childress County, Texas site [2]. Shareholder Actions - Shareholders are encouraged to register for the class action by December 6, 2024, to potentially be appointed as lead plaintiff [3]. - Registration allows shareholders to receive updates through portfolio monitoring software regarding the case's progress [3]. Law Firm Background - The Gross Law Firm is recognized nationally for class action lawsuits and aims to protect investors from deceit and fraud [4]. - The firm seeks recovery for investors who suffered losses due to misleading statements or omissions that inflated the company's stock price [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Iris Energy Limited securities during the specified Class Period of the upcoming lead plaintiff deadline on December 6, 2024 [1]. Group 1: Class Action Details - Investors who bought Iris Energy securities between June 20, 2023, and July 11, 2024, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by the December 6, 2024 deadline [3]. - The lawsuit alleges that defendants made materially false and misleading statements regarding Iris Energy's business prospects, particularly related to its data centers and high-performance computing capabilities [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured significant settlements for investors, including over $438 million in 2019 alone, and has been consistently ranked among the top firms for securities class action settlements [4].

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][3]. Group 1: Allegations - The complaint alleges that during the class period from June 23, 2023, to July 11, 2024, defendants overstated Iris Energy's prospects related to data centers and high-performance computing, primarily due to deficiencies at the Childress County, Texas site [3]. - As a result of these deficiencies, the statements made by the defendants about Iris Energy's business, operations, and prospects were materially false and misleading, lacking a reasonable basis throughout the relevant period [3]. Group 2: Class Action Details - Shareholders who purchased shares of Iris Energy during the specified class period are encouraged to contact the Gross Law Firm for potential lead plaintiff appointment, although this is not required for recovery [1][4]. - The deadline for shareholders to register for the class action and seek lead plaintiff status is December 6, 2024 [4]. - Once registered, shareholders will be enrolled in a portfolio monitoring software to receive updates on the case's status [4].

Core Viewpoint - The Iris Energy Limited class action lawsuit alleges that the company and its executives made misleading statements regarding its business prospects, particularly related to its data centers and high-performance computing capabilities, leading to significant stock price declines [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited and is filed in the Eastern District of New York [1]. - Investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, can seek appointment as lead plaintiff by December 6, 2024 [1][5]. - The lawsuit claims that Iris Energy overstated its prospects due to deficiencies at its Childress County, Texas site [3]. Group 2: Stock Price Impact - Following a report from Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price fell by more than 15% [4]. Group 3: Legal Representation - Robbins Geller Rudman & Dowd LLP is representing investors in this class action lawsuit and has a strong track record in securing monetary relief for investors in securities fraud cases [6].

Core Viewpoint - IREN Limited has announced a private offering of $400 million in convertible senior notes with a 3.25% coupon rate, aimed at qualified institutional buyers, with the offering size increased from a previously announced $300 million [1][2]. Transaction Details - The offering includes $400 million of convertible senior notes with a 3.25% coupon and a 30% conversion premium [2]. - The notes will settle on December 6, 2024, and initial purchasers have the option to buy an additional $40 million within 13 days of issuance [2]. - The notes will mature on June 15, 2030, and interest will be paid semi-annually starting June 15, 2025 [5]. Use of Proceeds - IREN estimates net proceeds of approximately $386.5 million, or $425.4 million if the option for additional notes is fully exercised [3]. - Approximately $40.3 million will fund capped call transactions, $75.9 million for a prepaid forward transaction, and the remainder for general corporate purposes and working capital [4]. Capped Call Transactions - IREN has entered capped call transactions to hedge against dilution upon conversion of the notes, with an initial cap price of $25.86 per share, representing a 100% premium over the last reported share price [9][10]. - The capped call transactions are expected to reduce potential dilution and offset cash payments required upon conversion [11]. Prepaid Forward Transaction - IREN has also entered a prepaid forward share purchase transaction for approximately $75.9 million of its ordinary shares, to be settled shortly after the notes' maturity [14]. - This transaction is intended to facilitate derivative transactions and allow investors to establish short positions related to IREN's ordinary shares [15]. Company Overview - IREN is a leading data center business focused on Bitcoin mining and AI cloud services, utilizing 100% renewable energy [22]. - The company operates data centers with a capacity of 460MW, expanding to 810MW in H1 2025, and has secured a development portfolio of 2,310MW of grid-connected power across North America [23].

Offering Details - IREN Limited announced its intention to offer $300 million aggregate principal amount of convertible senior notes due 2030 in a private offering to qualified institutional buyers [1] - The company expects to grant initial purchasers an option to purchase up to an additional $45 million principal amount of notes [1] - The notes will be senior, unsecured obligations, accrue interest payable semi-annually, and mature on June 15, 2030 [2] - Noteholders will have the right to convert their notes under certain circumstances, with IREN settling conversions through cash, ordinary shares, or a combination of both [2] Redemption and Repurchase Terms - The notes will be redeemable for cash at IREN's option starting December 20, 2027, if certain conditions are met, including the share price exceeding 130% of the conversion price [3] - In the event of a "fundamental change," noteholders may require IREN to repurchase their notes for cash at the principal amount plus accrued interest [4] Use of Proceeds - IREN plans to use a portion of the net proceeds to fund capped call transactions and a prepaid forward transaction [5] - The remainder of the net proceeds will be used for general corporate purposes and working capital [5] Capped Call Transactions - IREN expects to enter into capped call transactions with option counterparties to reduce potential dilution upon conversion of the notes [6] - The capped call transactions will cover the number of ordinary shares underlying the notes and may be adjusted if additional notes are purchased [6] - These transactions aim to offset potential cash payments exceeding the principal amount of converted notes, subject to a cap price [7] Market Impact and Hedging Activities - Option counterparties may enter into derivative transactions or purchase IREN's ordinary shares to establish initial hedges, potentially affecting the market price of IREN's shares [8][9] - The forward counterparty may modify hedge positions through derivative transactions or secondary market activities, which could influence the market price of IREN's shares and notes [10][16] Prepaid Forward Transaction - IREN expects to enter into a prepaid forward transaction to purchase up to $100 million of its ordinary shares, subject to early settlement [11] - This transaction is intended to facilitate derivative transactions between the forward counterparty and investors, allowing investors to establish short positions in IREN's shares [12] - The prepaid forward transaction could increase the market price of IREN's shares and raise the initial conversion price of the notes [13] Company Overview - IREN is a leading data center business focused on Bitcoin mining, AI cloud services, and next-generation data centers, utilizing 100% renewable energy [19][20] - The company operates 460MW of data centers, with plans to expand to 810MW by H1 2025, and has a development portfolio of 2,310MW of grid-connected power [20] - IREN's Bitcoin mining operations aim to reach 50 EH/s by H1 2025, and its AI cloud services utilize 1,896 NVIDIA H100 & H200 GPUs [20]

Core Viewpoint - A lawsuit has been filed against Iris Energy Limited on behalf of investors who purchased its securities between June 20, 2023, and July 11, 2024, following allegations of misrepresentation regarding the company's business model and potential in high-performance computing and AI applications [1][3]. Company Overview - Iris Energy Limited, based in Sydney, Australia, positions itself as a leading next-generation data center business focused on Bitcoin and AI [3]. Legal Proceedings - Investors who suffered losses during the specified class period can seek to be appointed as lead plaintiff representatives by December 6, 2024 [3]. - The lawsuit follows a report by Culper Research published on July 11, 2024, which accused Iris Energy of misrepresenting its capabilities and strength in the HPC and AI sectors [3]. Market Reaction - Following the publication of the report, Iris Energy's share price dropped by 15%, closing at $11.20 per share on July 11, 2024 [4].

Core Viewpoint - The Iris Energy Limited class action lawsuit alleges that the company and its executives made misleading statements regarding its business prospects, particularly related to data centers and high-performance computing, leading to significant stock price declines [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited, No. 24-cv-07046 (E.D.N.Y.), and it involves purchasers of Iris Energy securities from June 20, 2023, to July 11, 2024 [1]. - Investors have until December 6, 2024, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit claims that Iris Energy overstated its prospects due to deficiencies at its Texas site [3]. Group 2: Stock Price Impact - Following a report by Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price fell by more than 15% [4]. Group 3: Legal Process and Representation - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Iris Energy securities during the class period to seek lead plaintiff status [5]. - The lead plaintiff represents the interests of all class members and can choose a law firm for litigation [5]. Group 4: Firm Background - Robbins Geller Rudman & Dowd LLP is a leading law firm 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 of the last ten years [6].

Childress Phase 3 substation energized On-track for 31 EH/s this month SYDNEY, Dec. 02, 2024 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”) today announced it has increased its installed self-mining capacity by 33% to 28 EH/s. 31 EH/s expansion update IREN has increased its installed capacity from 21 EH/s to 28 EH/s (15 J/TH efficiency) following the energization of its Childress Phase 3 substation. Childress Phase 3 construction is near complete an ...

Core Viewpoint - Iris Energy Limited is facing a class action lawsuit for allegedly making false statements regarding its business prospects and failing to disclose material deficiencies at its Texas site, leading to significant stock price declines [3][4]. Group 1: Class Action 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]. - Investors have until December 6, 2024, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit alleges that Iris Energy overstated its capabilities in data centers and high-performance computing [3]. Group 2: Impact on Stock Price - Following the release of a report by Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price fell by more than 15% [4]. Group 3: Legal Process and Representation - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Iris Energy securities during the class period to seek lead plaintiff status [5]. - The lead plaintiff will represent the interests of all class members and can choose a law firm for litigation [5]. Group 4: 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].