BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming July 1, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Equinix, Inc. (“Equinix” or the “Company”) (NASDAQ: EQIX) securities between May 3, 2019 and March 24, 2024, inclusive (the “Class Period”).
Investors suffering losses on their Equinix investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
On this news, Equinix’s stock price fell $19.70, or 2.3%, to close at $824.88 per share on March 20, 2024, thereby injuring investors.
Then, on March 25, 2024, the Company disclosed that it had received a subpoena from the U.S. Attorney’s Office of the Northern District of California.
On this news, Equinix’s stock price fell $8.45, or 1.1%, to close at $792.52 per share on March 25, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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; (3); Equinix lacked adequate internal controls; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Equinix securities during the Class Period, you may move the Court no later than July 1, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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