Iris Energy (US:IREN) GlobeNewswire News Roomยท2024-10-11 16:07Core 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 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: Market Reaction and Company Performance - On July 11, 2024, Culper Research issued a report taking a short position in Iris Energy, claiming the company is misrepresenting itself as a high-performance computing data center [5]. - Following the report, Iris Energy's stock fell by $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 recovered 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].