NEW YORK, Nov. 21, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Iris Energy Limited ("Iris" or the "Company") (NASDAQ: IREN). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Iris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around November 10, 2021, Iris conducted its initial public offering ("IPO"), selling 8.27 million shares of stock priced at $28.00. 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."
On this news, Iris's stock price fell $0.51 per share, or 15.04%, to close at $2.88 per share on November 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP