Crypto Miner Iris Energy Hit by Class Action Suit

Iris Energy (IREN), the bitcoin miner that last month said some of its mining equipment isn't producing enough cash to meet its financing obligations, was hit by a class action suit.

  • The suit was filed in the District Court for the District of New Jersey.
  • The suit alleges the documentation for the firm's 2021 IPO was negligently prepared and failed to disclose certain of the mining machines, "owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations."