Press release
Investigation announced for Investors in Iris Energy Limited (NASDAQ: IREN) over possible Violations of Securities Laws
An investigation for investors in Iris Energy Limited (NASDAQ: IREN) shares over potential securities laws violations.
Investors who purchased shares of Iris Energy Limited (NASDAQ: IREN), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Iris Energy Limited (NASDAQ: IREN) concerning whether a series of statements by Iris Energy Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Sidney, Australia based Iris Energy Limited owns and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific.
On or around November 10, 2021, Iris Energy Limited conducted its initial public offering ("IPO"), selling 8.27 million shares of stock priced at $28.00.
Iris Energy Limited reported that its Total Revenue rose from $7.83 million for the 12 months period that ended on June 30, 2021, to $59.03 million for the 12 months period that ended on June 30, 2022, and that its Net Loss over those respective time periods increased from $60.5 million to $419.77 million.
Then, on November 2, 2022, Iris issued a press release disclosing, among other things, that "[c]ertain equipment (i.e., Bitcoin miners) owned by . . . special purpose vehicles currently produce insufficient cash flow to service their respective debt financing obligations, and have a current market value well below the principal amount of the relevant loans" and that "[r]estructuring discussions with the lender remain ongoing."
Shares of Iris Energy Limited (NASDAQ: IREN) declined to $2.11 per share on November 09, 2022.
Those who purchased shares of Iris Energy Limited (NASDAQ: IREN) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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