Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Iris Energy Limited (IREN)

Core Viewpoint - The article discusses a class action lawsuit against Iris Energy Limited, highlighting allegations of misleading statements regarding the company's high performance computing (HPC) capabilities and the impact of these claims on its stock price [1][2][3]. Group 1: Class Action Details - Investors have until December 6, 2024, to file a lead plaintiff motion in the class action for those who acquired Iris Energy securities between June 20, 2023, and July 11, 2024 [1][4]. - The lawsuit alleges that Iris Energy made materially false and misleading statements about its business and operations, particularly regarding its HPC plans and the adequacy of its facilities for such workloads [3]. Group 2: Allegations and Stock Impact - A report by Culper Research accused Iris Energy of overstating its HPC capabilities and described the company as a "cash guzzling machine," leading to a significant stock price drop of $1.70, or 13.2%, to close at $11.20 per share on July 11, 2024 [2]. - The complaint claims that the company's positive statements lacked a reasonable basis and failed to disclose material deficiencies in its operations, particularly at its Texas site [3].