Iris Energy Limited (NASDAQ: IREN)

This investigation is for anyone who acquired securities in Iris Energy Limited (NASDAQ: IREN) prior to July 11, 2024.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company had the infrastructure in place to compete in the field of high performance computing when, in fact, the infrastructure did not exist. The Law Offices of Howard G. Smith also alleges that the Company pays stock promoters to falsely tout the Company’s claims.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities Iris Energy Limited (NASDAQ: IREN) prior to July 11, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.