Overview

A class action lawsuit has been filed against Iris Energy Limited (“IREN,” “Iris Energy,” or the “Company”) (NASDAQ: IREN) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The IREN class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded IREN securities between June 20, 2023, and July 11, 2024, both dates inclusive (the “Class Period”).  Investors have until December 6, 2024, to seek appointment as lead plaintiff in the IREN class action lawsuit.

As of August 28, 2024, IREN stated that it was a “leading next-generation data center business powering the future of Bitcoin, AI and beyond.”  IREN previously described itself at times as simply a “leading sustainable Bitcoin miner” and then “a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers.”

The IREN class action lawsuit focuses on IREN’s claims regarding its high-performance computing (“HPC”) capabilities, which are key to the Company’s prospects in the data center business.  HPC, as explained by IBM, is a technology that uses clusters of powerful processors working in parallel to process large, multidimensional data sets and solve complex problems at extremely high speeds.  These systems are crucial for handling some of today’s most challenging computing tasks in real time and operate at speeds millions of times faster than typical desktops or servers.

Additionally, the lawsuit alleges that IREN’s claims related to cooling technologies for data centers, specifically air cooling versus immersion cooling.  Air cooling relies on air conditioning, fans, and vents to circulate air and remove heat from equipment.  In contrast, immersion cooling involves submerging IT components like servers in a non-conductive fluid that absorbs and dissipates heat, preventing overheating.  This comparison is relevant to the Company’s data center operations and its effectiveness in managing heat generated by HPC systems.

According to the lawsuit, Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Defendants overstated Iris Energy’s prospects with data centers and high performance computing, in large part as a result of material deficiencies in Iris Energy’s Childress County, Texas site; and (2) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.  When the true details entered the market, the lawsuit claims that investors suffered damages.

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If you purchased or otherwise acquired publicly traded IREN securities between June 20, 2023, and July 11, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. 

The deadline to apply to the Court to serve as a lead plaintiff in the IREN class action lawsuit is December 6, 2024.