Iris Energy (US:IREN) Prnewswireยท2024-10-14 16:25Core 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 [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]. - There is a deadline of December 6, 2024, for investors to seek the role of lead plaintiff in a federal securities class action against Iris Energy [2][6]. - The complaint alleges that Iris Energy and its executives violated federal securities laws by overstating the company's prospects related to data centers and high-performance computing [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's high-performance computing claims were unfounded, leading to a stock price drop of $1.70 per share, or 13.1%, closing at $11.20 [5]. - The report characterized Iris as a "cash guzzling machine" and a "painfully transparent stock promotion" [5]. Group 3: Company Background - Faruqi & Faruqi, LLP has recovered hundreds of millions of dollars for investors since its founding in 1995 and has offices in New York, Pennsylvania, California, and Georgia [3]. - The firm is actively seeking information regarding Iris Energy's conduct from whistleblowers, former employees, and shareholders [7].