Alleged nondisclosure of SPV miner cash-flow shortfall
Company: IREN
The claim, verbatim
Plaintiff alleges the Offering Documents and Defendants failed to disclose that certain Bitcoin miners owned through the Non-Recourse SPVs were unlikely to produce enough cash flow to service their debt. Plaintiff also alleges Iris's use of equipment financing to buy miners was not as sustainable as represented.
Source (primary)
MALOUF v. <mark>IRIS ENERGY LIMITED</mark> — Entry #1: COMPLAINT against MICHAEL ALFRED, DAVID BARTHOLOMEW, CHRISTOPHER GUZOWSKI, IRIS ENERGY LIMITED, BELINDA NUCIFORA, DANIEL ROBERTS, WILLIAM ROBERTS ( Filing and… (RECAP, court_filing)
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Quote: “certain of Iris's Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations”
How we checked this
This claim has not yet been checked assertion-by-assertion against its source. It carries a cited source and quote, but the deeper check has not run. When it does, the result appears here whatever it says.
Additional evidence
confirms MALOUF v. <mark>IRIS ENERGY LIMITED</mark> — Entry #1: COMPLAINT against MICHAEL ALFRED, DAVID BARTHOLOMEW, CHRISTOPHER GUZOWSKI, IRIS ENERGY LIMITED, BELINDA NUCIFORA, DANIEL ROBERTS, WILLIAM ROBERTS ( Filing and…
Quote: “certain of Iris's Bitcoin miners, owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations”