NEW YORK, May 03, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Equinix, Inc. (NASDAQ: EQIX)?
- Did you purchase your shares between May 3, 2019 and March 24, 2024, inclusive?
- Did you lose money in your investment in Equinix, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Equinix, Inc. (“Equinix” or the “Company”) (NASDAQ: EQIX) between May 3, 2019 and March 24, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Equinix securities, and/or would like to discuss your legal rights and options please visit Equinix, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) Equinix manipulated its financials to reduce operational expenses and boost Adjusted Funds From Operations (“AFFO”); (2) Equinix oversold power capacity and did not warn of the risks associated with this practice; and (3) Equinix lacked adequate internal controls.
On March 20, 2024, before the market opened, Hindenburg Research released a report entitled "Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling an AI Pipe Dream As Insiders Cashed Out Hundreds of Millions." In part, Hindenburg stated that its "investigation, which included a review of financial and litigation records and interviews with 37 former Equinix employees, industry experts and competitors, revealed that Equinix manipulates its accounting for AFFO, [] the key profitability metric for REITs [Real Estate Investment Trusts]. We estimate this metric was overstated by at least 22% in 2023 alone."
On this news, Equinix's stock fell $19.70 per share, or 2.3%, to close at $824.88 per share on March 20, 2024.
Then, on March 25, 2024, Equinix announced that the Audit Committee of the Company's Board of Directors had commenced an independent investigation to review the matters referenced in the Hindenburg report. Equinix also announced that it had received a subpoena from the U.S. Attorney's Office for the Northern District of California shortly after the release of the Hindenburg report.
On this news, Equinix's stock price fell $8.45 per share, or 1.1%, to close at $792.52 per share on March 25, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 1, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Equinix securities, and/or would like to discuss your legal rights and options please visit Equinix, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
