NEW YORK, NY - 
(NewMediaWire) - June 14, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired the publicly traded securities of Equinix, Inc. (“Equinix” or the “Company”) (NASDAQ: EQIX) between May 3, 2019 and March 24, 2024 (the “Class Period”). Click Here to Join Investigation.
Deadline Reminder: If you are a member of the proposed Class, you may move the court no later than July 1, 2024 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
On March 20, 2024, Hindenburg Research published a report alleging, among other things, that Equinix “manipulates its accounting” for its adjusted funds from operations, overstating the metric by approximately 22% in 2023. Following this news, the price of Equinix stock fell $19.70 per share, or about 2.3%, to close at $824.88 per share on March 20, 2024.
Then, on March 25, 2024, Equinix disclosed that it had received a subpoena from the U.S. Attorney’s Office for the Northern District of California. Following this news, the price of Equinix stock fell $8.45 per share, or about 1.1%, to close at $792.52 per share on March 25, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Equinix manipulated its financials to reduce operational expenses and boost Adjusted Funds From Operations; (2) Equinix oversold power capacity and did not warn of the risks associated with this practice; (3) Equinix lacked adequate internal controls; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
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New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
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Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
