Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Equinix, Inc.
Upcoming Lead Plaintiff Deadline is July 1, 2024
NEW YORK, May 10, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of those who acquired Equinix, Inc. ("Equinix" or the "Company") (NASDAQ: EQIX) securities during the period of May 3, 2019 through March 24, 2024, inclusive ("Class Period").
All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than July 1, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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On March 20, 2024, Hindenburg Research released a report on Equinix entitled "Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling an AI Pipe Dream As Insiders Cashed Out Hundreds of Millions." The Hindenburg Report alleged that Equinix manipulated its profit margin and its Adjusted Funds From Operations ("AFFO") by misclassifying typical operational expenses, or maintenance CapEx, as growth CapEx. In addition, the report alleged that Equinix relied on an undisclosed and highly risky approach to grow its revenue by overselling power capacity in the hope that customers would not use all of the power, a method that could result in facility outages and a failure to fulfill contractual obligations.
On this news, the price of Equinix shares declined by $19.70 per share on March 20, 2024, to close at $824.88. The next day, it declined a further $13.24, to close at $811.64. On March 25, 2024, before the market opened, the Company filed with the Securities and Exchange Commission ("SEC") a current report on Form 8-K accompanied by a press release which stated that the Company's Audit Committee had commenced an independent investigation to review the matters referenced in a short seller report.
On this news, the price of Equinix shares declined by $8.45 per share, to close at $792.52 on March 25, 2024.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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