A securities class action has been filed against Equinix, Inc. (EQIX) on behalf of purchasers of the securities of Equinix between May 3, 2019 through March 24, 2024. This case has been filed in the USDC – N.D.CA.
According to the lawsuit, defendants throughout the Class Period 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 (“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’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.