A class-action lawsuit against Bitcoin miner Iris Energy has been dismissed by a US District Court judge. The investors alleged that the mining firm concealed risks and misled them during its 2021 initial public offering. However, the judge ruled that there was no evidence of falsified statements or intentional deception by Iris Energy. The lawsuit accused Iris Energy, its executives, and underwriters like J.P. Morgan and Citigroup Global Markets of violating securities laws. Despite claims of inaccuracies in IPO documents and financial disclosures, the court found no proof of intentional misleading. Iris Energy went public in November 2021 but faced a significant share price drop amid a crypto market downturn. The dismissal statement highlighted that the plaintiffs were trying to recover losses from the overall decline in Bitcoin's value. Additionally, the company faced criticism from short-selling firm Culper Research for allegedly being overvalued and underinvested in high-performance computing. Read more AI-generated news on: https://app.chaingpt.org/news

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