PHILADELPHIA, Feb. 04, 2025 (GLOBE NEWSWIRE) — If you have held Equinix, Inc. (NASDAQ: EQIX) shares since prior to May 3, 2019, and would like to learn more about the investigation, your rights, and your potential for recovery at no cost to you, please visit https://grabarlaw.com/the-latest/Equinix-Investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com or call 267-507-6085. You do not need to have lost money on your investment to participate.
WHY: A recently filed federal securities fraud class action complaint against Equinix, Inc. (NASDAQ: EQIX) and certain of its officers has survived Defendants’ motion to dismiss the complaint. Grabar Law Office is investigating whether officers and directors of Equinix, Inc. have breached their fiduciary duties owed to the company.
The underlying complaint alleges that Equinix, via certain of its officers and directors, 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.
In denying the Defendants’ motion to dismiss the Court found:
In all, the complaint raises a strong inference that Equinix misclassified routine recurring capital purchases—like chillers, batteries, and lightbulbs—as non-recurring to artificially inflate its AFFO numbers in a way that misled investors.
The Court further found that under a holistic view of the allegations, the complaint has created a strong inference of scienter – i.e. the intent or knowledge of wrongdoing, at the time of the alleged fraudulent activity.
WHAT YOU CAN DO NOW: Current Equinix shareholders who have held Equinix shares since on or before May 3, 2019, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/Equinix-Investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com or call us at 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
