investors can Contact the law firm for free to learn more about recovering their losses

LOS ANGELES, Dec. 19, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy advises Iris Energy Ltd. (“Iris” or the “Company”) IRISH Investors that a class action lawsuit has been filed on behalf of investors. IREN investors who have lost money investing are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: lesley@portnoylaw.comto discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

On or about November 17, 2021, Iris completed its initial public offering (“IPO”), selling approximately 8.27 million shares of common stock at $28 per share.

On November 2, 2022, Iris announced that “[c]certain equipment (e.g. bitcoin miners) owned by [Non-Recourse SPV 2 and Non-Recourse SPV 3] do not currently generate sufficient cash flow to service their respective debt financing obligations and have a current market value significantly less than 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, or 15%, to close at $2.88 per share on November 2, 2022 – down 89.7% from the original IPO price – hurting investors.

The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants have failed to disclose to investors that: (1) certain Iris bitcoin miners owned by their Non-Recourse SPVs are unlikely to generate sufficient cash flow to service their respective debt financing obligations; (2) accordingly Iris use of equipment financing…