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A <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/">US</a> federal court has dismissed a class-action lawsuit filed by investors against <a href="https://ultramining.com/news/en/iris-energy-diversifies-into-ai-with-10-million-nvidia-gpu-purchase-amid-bitcoin-focus/">Iris Energy</a>, an Australian Bitcoin mining company. Investors alleged that the company misled them during its November 2021 IPO, which raised $232 million. Following the IPO, Iris Energy's shares, trading under the ticker IREN, plummeted over 69% from $28 to $8 per share. 
The judge ruled that the plaintiffs failed to prove that Iris Energy concealed key risks or provided false information. The company argued that the drop in stock price was due to the overall downturn in the cryptocurrency market, where Bitcoin lost over 36% of its value during the same period. 
This decision could set a precedent for other publicly traded <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> facing lawsuits stemming from market volatility and the associated risks for investors.

Court Dismisses Class-Action Lawsuit Against Iris Energy: Investors Lost Over $232 Million

Ultramining_Eng

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