Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Iris Energy Class Action Deadline Alert: Johnson Fistel Encourages Shareholders to Submit Their IREN Losses

PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
December 19, 2022 GMT

SAN DIEGO, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Iris Energy Limited (NASDAQ: IREN) (“Iris” or the “Company”). The class action is on behalf of shareholders who purchased Iris ordinary shares pursuant and/or traceable to the Offering Documents 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. Investors are hereby notified that they have until February 6, 2023, to move the Court to serve as lead plaintiff in this action.

What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.

To join this action, you can click or copy and paste the link below into a browser:

https://www.johnsonfistel.com/investigations/iris-energy-limited-iren

There is no cost or obligation to you.

On or about November 17, 2021, Iris conducted the IPO, issuing approximately 8.27 million of its shares to the public at the Offering price of $28 per share.

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of a material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared per 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 misleading statements and 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 misleading failing to state information required to be stated.

A lead plaintiff will act on behalf of all other class members in directing the Iris class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Iris class action lawsuit is not dependent upon serving as lead plaintiff.

For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com