Nasdaq-listed bitcoin miner Iris Energy (IREN) is facing a class-action lawsuit for allegedly overstating the ability of its data centers to transition to high-performance computing (HPC) and artificial intelligence applications. The lawsuit alleges that the company's Childress, Texas facility lacks critical features such as adequate power redundancy, cooling systems, and fiber optic connectivity.
Iris Energy shares fell about 15 percent on the back of a critical report published by Culper Research. The report questioned the company's HPC statement and the suitability of its facilities. The lawsuit seeks claims on behalf of investors who purchased Iris Energy securities between June 20, 2023 and July 11, 2024.
Bitcoin miner IREN transforms AI and is sued by investors
2024-10-10 11:11:26
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