NEW YORK, November 4, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Iris Energy Limited (“Iris” or the “Company”) IRISH. Such investors are advised to get in touch Robert S Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Iris and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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Up or around November 10, 2021Iris completed its initial public offering (“IPO”), selling 8.27 million shares at a price of $28.00. Then next November 2, 2022Iris issued a press release in which she disclosed, among other things, that “[c]certain equipment (ex. Bitcoin miners) owned by . . . SPVs do not currently produce sufficient 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]structuring talks with the lender are ongoing.”
As a result of this news, Iris’ share price fell $0.51 per share or 15.04% at close $2.88 per share November 2, 2022.
Pomerantz LLP, with offices in new York, Chicago, los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as Dean of the Class Chamber, Pomerantz pioneered the field of…
