SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Girard Sharp, LLP, a national investment, securities, and class action firm, announces an investigation on behalf of investors who purchased or otherwise acquired Iris Energy securities.
Incorporated in Australia, Iris Energy owns and operates bitcoin mining and data facilities in Texas and in British Columbia. On November 17, 2021, Iris went public after raising approximately $232 million through its initial public offering.
In the registration statement for the IPO, Iris stated that it was “building proprietary data centers that continue to be refined through years of research and development to further optimize the operational environment and efficiencies, including stable uptime performance during high and low temperature periods.” The registration statement also touts Iris’ purported operational advantages: “we believe our purpose-built proprietary data centers may provide operational advantages compared to less efficient airflow, cooling and re-heating designs that may be limited in certain modified shipping container or retrofitted warehouses designs.”
On July 11, 2024, Culper Research, a corporate and investment research group, published a report entitled “Iris Energy Ltd (IREN): A Prius at the Grand Prix,” which alleges that Iris’ cooling system technologies have lagged behind competitors’ systems. Specifically, Culper states that Iris’ cooling systems are insufficient to maintain high-performance computing technologies for bitcoin data centers in the extreme temperatures of West Texas. Culper also states that Iris’ cooling systems “will be rendered obsolete by next-generation NVIDIA architectures that require liquid cooling.”
In response to Culper’s reporting, the price of Iris’s shares fell by over 14% during intraday trading on July 11, 2024. Iris’ shares are down by over 56% since its November 2021 IPO.
If you purchased or otherwise acquired Iris Energy Limited securities and would like to discuss your potential claim, please email apolk@girardsharp.com or call (866) 981-4800 for a free consultation.
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Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We serve on the Plaintiffs’ executive committee in the recent spoofing litigation against JPMorgan Chase that settled for $60 million, a favorable resolution that the district court preliminarily approved in December 2021. We recently obtained a $36.5 million securities settlement against Maxar Technologies, a space imagery company, after its share price collapsed following its acquisition of DigitalGlobe. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country’s largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal.
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