Iris Energy Investors Face Deadline in Securities Class Action

Securities Class Action Filing Deadline Approaches for Iris Energy

Glancy Prongay & Murray LLP (“GPM”) reminds investors that the deadline to file a lead plaintiff motion in the class action for those who purchased or acquired Iris Energy Limited (“Iris Energy” or the “Company”) IREN securities is December 6, 2024. This applies to transactions that took place between June 20, 2023, and July 11, 2024 (the “Class Period”).

If you have incurred losses on your Iris Energy investments or are interested in pursuing claims under federal securities laws, you can provide your contact information at www.glancylaw.com/cases/iris-energy-limited-2/. For further inquiries, reach out to Charles H. Linehan of GPM at 310-201-9150 or Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com.

On July 11, 2024, Culper Research published a report suggesting that Iris Energy “talks a big game about its [high performance computing (“HPC”)] plans but seems disinterested in truly competing in the space.” The report labeled the Company as a “painfully transparent stock promotion” and claimed Iris Energy remains financially burdensome for investors. It also highlighted that the Company’s facilities, designed for BTC mining, could not effectively handle HPC workloads without substantial additional investment.

Following this report, Iris Energy’s stock dropped by $1.70, or 13.2%, ending at $11.20 per share on July 11, 2024, impacting investor confidence.

The class action complaint alleges that throughout the Class Period, the Defendants made materially false or misleading statements and neglected to reveal important adverse facts regarding the Company’s operations and future. Specifically, they reportedly exaggerated Iris Energy’s potential in data centers and HPC, largely due to significant deficiencies at the Childress County, Texas site. Thus, the Defendants’ optimistic assertions about the Company’s performance were misleading.

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If you acquired Iris Energy securities during the Class Period, you may file a motion in Court by December 6, 2024 to request the position of lead plaintiff in this class action lawsuit. Joining the class action does not require immediate action; you may choose to retain an attorney or remain an absent class member. For additional information regarding this action or any questions about your rights or interests, please contact Charles Linehan, Esquire, of GPM, located at 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com. When contacting via email, please include your mailing address, phone number, and the number of shares purchased.

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