Iris Energy (IREN) Prnewswire·2024-11-09 05:06Core Viewpoint - The law firm Robbins Geller Rudman & Dowd LLP has announced a class action lawsuit against Iris Energy Limited, alleging violations of the Securities Exchange Act of 1934 due to misleading statements regarding the company's prospects and operational deficiencies [1][3]. Group 1: Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited, and it covers purchasers of Iris Energy's publicly traded 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 capabilities in data centers and high-performance computing, particularly due to issues at its Childress County, Texas site [3]. Group 2: Stock Impact - Following a report from Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price dropped by over 15% [4]. Group 3: Legal Process - The Private Securities Litigation Reform Act of 1995 allows any investor who acquired Iris Energy securities during the class period to seek lead plaintiff status, representing the interests of the class [5]. - The lead plaintiff can choose a law firm to represent the class and does not need to be the lead plaintiff to share in any potential recovery [5]. Group 4: Firm Background - Robbins Geller Rudman & Dowd LLP is recognized as a leading law firm in securities fraud cases, having recovered $6.6 billion for investors in class action cases, significantly more than any other firm in recent years [6].