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[Bitcoin Mining Company Iris Energy Has Triggered An Investor Lawsuit For Allegedly Misrepresenting Its Facility Capabilities For Transformation To AI] According To Finance Magnates, Bitcoin Mining Company Iris Energy, Which Recently Transformed And Promoted Itself As A High-performance Computing (HPC) Data Center Operator, Is Now Facing A Class Action Lawsuit Alleging That It Exaggerated Its Capabilities And Prospects To Investors. The Lawsuit, Filed In The U.S. District Court For The Eastern District Of New York, Claims That Iris Energy And Its Executives Made False And Misleading Statements About The Company's Ability To Transform Bitcoin Mining Facilities Into High-performance Computing And Artificial Intelligence Application Facilities. The Class Action Lawsuit Seeks Compensation On Behalf Of Investors Who Purchased Iris Energy Securities Between June 20, 2023 And July 11, 2024, Alleging Violations Of Federal Securities Laws. According To The Lawsuit, Iris Energy's Facility In Childress, Texas, Which The Company Had Hyped As A Key Asset For Its High-performance Computing Strategy, Lacks Key Functions Necessary For Such Operations. The Lawsuit Alleges That The Site Lacks Power Redundancy, Cooling Systems And Fiber Optic Connections. The Plaintiffs Also Cite Statements By Iris Energy Co-CEO Daniel Roberts, Who Claimed That The Company Had "built This Foundational Layer, This Cornerstone Of High-performance Data Centers That Can Perform Any HPC Task." The Plaintiffs Allege That These Statements Were Materially False And Misleading "because The Company Overstated The Capabilities And Overall Prospects Of Its Data Center Business." Iris Energy's Stock Price Fell Approximately 15% Following A Critical Report Released By Culper Research That Expressed Concerns About The Company's HPC Claims And The Suitability Of Its Facilities For Such Applications. "Culper Also Stated, 'We Are Short IREN Because We Believe The Company Has Materially Overstated The Strength And Potential Of Its Assets For HPC/AI Applications,'" The Lawsuit Comments. IREN Shares Have Fallen More Than 50% Since Their July 2024 Highs
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