Nyenta.com

Menu
  • Home
  • Business
  • Books
  • Entertainment
  • Financial
  • Music
  • Banking
  • Health
  • Technology
Menu

IRIS ENERGY SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Iris Energy To Contact Him Directly To Discuss Their Options
Nyenta.com/10226774

Trending...
  • SVB DEADLINE ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In SVB To Contact Him Directly To Discuss Their Options
  • The Magic School Bus: Lost In The Solar System Live At Tribeca PAC
  • COINBASE INVESTOR ALERT: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Coinbase To Contact Him Directly To Discuss Their Options
NEW YORK, Jan. 27, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Iris Energy Limited ("Iris Energy" or the "Company") (NASDAQ: IREN) and reminds investors of the February 13, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in (a) Iris ordinary shares pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company's initial public offering conducted on or about November 17, 2021 (the "IPO" or "Offering"); and/or (b) Iris securities between November 17, 2021 and November 1, 2022, both dates inclusive (the "Class Period") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/IREN.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Iris touts itself as a leading owner and operator of institutional-grade, highly efficient, proprietary Bitcoin mining data centers powered by 100% renewable energy.

Iris's Bitcoin mining operations purportedly generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of specialized computing equipment called "miners" or "Bitcoin miners" and exchanging these Bitcoin for fiat currencies such as U.S. dollars or Canadian dollars on a daily basis.

More on Nyenta.com
  • Kookalimba Unveils the K17A Whale - A High-Quality Kalimba Piano for Music Lovers
  • Where to Commission a Custom 1/6 Head Sculpt?
  • Shima Capital's Founder Yida Gao Teaches Crypto Finance Course at MIT
  • Max Amini Announces Powerful Interview with Reza Pahlavi, Former Crown Prince of Iran; to Premiere April 1st
  • Trump Bus rolls into Georgia Ron DeSantis event overshadowing Tiny Desantis box truck at Veterans for Trump lead mini-rally

Iris has three wholly-owned special purpose vehicles, referred to as "Non-Recourse SPV 1", "Non-Recourse SPV 2", and "Non-Recourse SPV 3" (collectively, the "Non-Recourse SPVs"), each of which was incorporated for the specific purpose of financing certain of the Bitcoin miners operated by the Company.

On October 25, 2021, Iris filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the IPO, which, after several amendments, was declared effective by the SEC on November 16, 2021 (the "Registration Statement").

On or about November 17, 2021, Iris conducted the IPO, issuing approximately 8.27 million of its ordinary shares to the public at the Offering price of $28 per ordinary share for approximate proceeds to the Company of $215 million, before expenses, and after applicable underwriting discounts and commissions.

On November 18, 2021, Iris filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, together with the Registration Statement, the "Offering Documents").

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Iris's Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations; (ii) accordingly, Iris's use of equipment financing agreements to procure Bitcoin miners was not as sustainable as Defendants had represented; (iii) the foregoing was likely to have a material negative impact on the Company's business, operations, and financial condition; and (iv) as a result, the Offering Documents and Defendants' public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.

More on Nyenta.com
  • Palos Verdes Real Estate Agent Promotes Homes To MORE Opportune Buyers For Significantly MORE Money
  • Moore Kuehn Encourages DFFN, KMF, CSTI, and BGRY Investors to Contact Law Firm
  • Access Control Systems Expands and Rebrands as Guardian Access Solutions as Part of Increased Service Offerings
  • Peachtree Immediate Care Opens Urgent Care Clinic in Marietta
  • Olga Torres Named Top Advisor by Foreign Investment Watch

On November 2, 2022, Iris issued a press release disclosing, among other things, that "[c]ertain equipment (i.e., Bitcoin miners) owned by [Non-Recourse SPV 2 and Non-Recourse SPV 3] 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."

On this news, Iris's ordinary share price fell $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022—a nearly 90% decline from the Offering price.

As of the time the Complaint was filed, Iris's ordinary shares continue to trade significantly below the $28 per share Offering price, damaging investors.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Iris Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE Faruqi & Faruqi, LLP
Filed Under: Business

Show All News | Report Violation

0 Comments
1000 characters max.

Latest on Nyenta.com
  • Tuani Lash Brings Luxury Lash Services and Joy to Oakland's Homeless Community
  • Sherry Orel Joins STS Capital Partners
  • American Equus Expands Product Line with Suomy Riding Helmets
  • Lewy Body Dementia Resource Center Introduces a New Video Production
  • Arbutus Medical Launches TrakPak® with QuikBow™ to Improve Skeletal Traction, Announces Successful Cases
  • Waterleaf International, LLC Announces Hiring of Chief Sales Officer
  • Experimental Detachment: Why Avant-Garde Fashion Is Starting to Feel Tone-Deaf
  • EVERWILD Returns To Legend Valley With Lineup Featuring Pepper, Bone Thugs-N-Harmony, and host band Tropidelic
  • World's First AI-Generated Satirical News Website Launches, Outperforms Humans in Humor and Intelligence
  • Kookalimba Launches KooKalimba 17 keys Acrylic Kalimba
  • Fab Figures releases 1:6th Scale Female Long Sleeve Faux Leather Jackets
  • SAREPTA ALERT: Bragar Eagel & Squire, P.C. is Investigating Sarepta Therapeutics, Inc. on Behalf of Sarepta Stockholders and Encourages Investors to Contact the Firm
  • Striction BP [[Update Mar2023!]]- Is It Safe? Must Read This
  • Genie Script: 20 Word Script by Wesley Virgin
  • BMI WINS MASSIVE VICTORY FOR SONGWRITERS, COMPOSERS & PUBLISHERS FOR LIVE CONCERT RATES
  • Sky Harbour Group Corporation Announces its 2022 Financial Results, Modification of SH Capital's 2021 Project Portfolio, Recapitalization of its Obligated Group, and Opening of its Campus at Miami-Opa Locka Executive Airport
  • Jake Paul Teams Up with The Berman Team, Sponsored by Berman Law Group for charity event supporting Boxing Bullies
  • Matt Fogelgren to Join Cleartelligence Executive Team as Chief Revenue Officer
  • ACI's Forum on FinTech & Emerging Payment Systems is back to New York City!
  • Keebos Unveils Keebos 2.0: The Ultimate Crossbody Phone Case

Popular on Nyenta

  • New Rochelle: 2023 State of the City Address
  • New Rochelle: Registration Begins March 6 for Summer Day Camps
  • New Rochelle: Upcoming March events
  • New Rochelle: Registration Now Open for Girls on the Run
  • New Rochelle: City Launches New Special Needs Summer Employment Program
  • New Book - A Little Boy on Ramree Island By Aung Z. and Jill Mong
  • New Rochelle: Armed Robbery – Liquor Store 558 North Ave
  • New Rochelle: Upcoming March events
  • Yonkers Mayor Spano & Yonkers Police Department Unveil Initiative to Combat Shoplifting at Local Retail Stores
  • Yonkers Police arrest three NYC men for property crimes; 17 suspected stolen catalytic converters discovered

Similar on Nyenta

  • Top Causes of Car Accidents in NYC
  • Shima Capital's Founder Yida Gao Teaches Crypto Finance Course at MIT
  • Moore Kuehn Encourages DFFN, KMF, CSTI, and BGRY Investors to Contact Law Firm
  • Olga Torres Named Top Advisor by Foreign Investment Watch
  • ASI Hosts 2023 Executive Summit for Partners and Announces Annual Award Winners
  • Namify's Website Name Generator: The Ultimate Solution for Finding Your Perfect Website Name
  • New Report Reveals What Teen Girls Think About TikTok, Instagram, and the Impact That Social Media Has on Their Lives
  • TAL ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against TAL Education Group and Encourages Investors to Contact the Firm
  • Sherry Orel Joins STS Capital Partners
  • SAREPTA ALERT: Bragar Eagel & Squire, P.C. is Investigating Sarepta Therapeutics, Inc. on Behalf of Sarepta Stockholders and Encourages Investors to Contact the Firm
Copyright © 2023 nyenta.com | Terms of Service | Privacy Policy | Contribute | Contact Us