| COMPANY |
Equinix, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-02656 |
| JUDGE |
The Hon. Vince Chhabria |
| CLASS PERIOD |
May 3, 2019 through March 24, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JULY 1, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Equinix, Inc. (“Equinix”) (NASDAQ: EQIX) securities between May 3, 2019 and March 24, 2024, both dates inclusive (the “Class Period”).
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.
Then, on March 25, 2024, Equinix 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.
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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.