An investor in IREN, formerly Iris Energy, sued the crypto miner, accusing it of overstating its high-performance computing ability and business prospects.
IREN, formerly Iris Energy, was sued by a group of investors, claiming the crypto mining firm misled them about its high-performance computing (HPC) business.
A class-action suit led by Paul Williams-Israel filed in a New York federal court on Oct. 7 claimed IREN’s Childress, Texas, facility was framed as an HPC-ready data center when it wasn’t, and its computing capacity was significantly overstated.
The suit claimed the misleading information came from a June 2023 IREN statement announcing an expansion of its Childress site and a “revitalization” of its HPC strategy.
