BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of Iris Energy Limited (“Iris” or the “Company”) (NASDAQ: IREN) investors concerning the Company’s possible violations of federal securities laws.
On July 11, 2024, Culper Research published a report alleging, among other things, that Iris “talks a big game of its [high performance computing (“HPC”)] plans but ultimately seems entirely disinterested in actually doing what it takes to compete in the space,” and that the Company “is a painfully transparent stock promotion that will unravel as investors realize [its] HPC claims are nonsense and [it] remains a cash guzzling machine.” The report further states that the Company’s facilities were built for BTC mining and “are ill-equipped for HPC workloads without billions in additional costs.”
On this news, Iris’s stock price fell $1.70, or 13.2%, to close at $11.20 per share on July 11, 2024, thereby injuring investors.
If you purchased Iris securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
