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.
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The suit was filed in the District Court for the District of New Jersey.
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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."