Iris Energy (IREN), a Nasdaq-listed Bitcoin mining company, is facing a class action lawsuit from investors who allege that the company misled them about its business prospects. The lawsuit, filed in California federal court, accuses Iris Energy of inflating its business outlook and falsely claiming that its device-cooling design was untested and unproven. The investors argue that Iris Energy’s positive statements about its business prospects were “materially false and misleading…” and that, “had the truth been known, they would not have invested in Iris Energy securities.” The lawsuit comes after Iris Energy reported a $180 million net loss for the first half of 2022, and a 50% decline in revenue and a 66% decline in hashrate capacity in the third fiscal quarter. It also follows reports that Iris Energy had inflated its business prospects and that its recently touted device-cooling design was untested and unproven. Iris Energy has not yet commented on the lawsuit.