NEW YORK, April 06, 2024 (GLOBE NEWSWIRE) --
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Equinix, Inc. (NASDAQ: NASDAQ:EQIX) resulting from allegations that Equinix may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Equinix securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=23498 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: 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 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 (adjusted funds from operations), the key profitability metric for REITs [(Real Estate Investment Trust)]. 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 filed an 8-K with the U.S. Securities and Exchange Commission, which contained a press release in which 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 fell on March 25, 2024.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com