SAN FRANCISCO, June 10, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Equinix, Inc. (NASDAQ: EQIX) investors who suffered substantial losses to take action by submitting your losses now.
Class Period: May 3, 2019 – Mar. 24, 2024
Lead Plaintiff Deadline: July 1, 2024
Visit: www.hbsslaw.com/investor-fraud/EQIX
Contact the Firm Now: EQIX@hbsslaw.com
844-916-0895
Equinix, Inc. (NASDAQ: EQIX) Class Action:
Earlier this month, data center giant Equinix announced that its financial practices are aboveboard after an internal investigation cleared the company of misconduct. However, the company’s internal audit comes amid a growing storm, with serious allegations from activist short seller Hindenburg Research, a class-action lawsuit from investors, and ongoing government investigations raising doubts about Equinix's financial transparency.
Hindenburg’s March 2024 report accused Equinix of manipulating a key profitability metric, adjusted funds from operations (AFFO), by misclassifying maintenance expenses. Equinix vehemently refutes these claims.
While Equinix’s most recent earnings report stated, “an independent investigation... concluded that Equinix's financial reporting is accurate,” the investigation’s internal nature has not assuaged all concerns. Critics point out that relying solely on an internal probe lacks the objectivity of a fully independent audit.
Further complicating the picture is a class-action lawsuit recently filed by investors, alleging that Equinix misled investors between May 2019 and March 2024. The lawsuit claims the company manipulated financials, oversold power capacity, and lacked adequate internal controls, all leading to inflated stock prices. These allegations track those made by Hindenburg.
Adding to the uncertainty are ongoing investigations by the U.S. Attorney’s Office and the Securities and Exchange Commission (SEC) into Equinix’s accounting practices. Though Equinix is cooperating, the ongoing government investigations and the class-action lawsuit create an overhang, leaving the full picture of Equinix’s finances and prospects unclear.
“An investigation is underway to determine if Equinix misrepresented its financial performance by inflating AFFO and overstating data center capacity,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Equinix and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Equinix case and our investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
