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EQIX.US
id: 1144

Equinix (EQIX) Accounting Manipulations Case

N.D. California
Court
3:24-cv-02656
Case number
03 May 2019
Class period Start
24 Mar 2024
Class period End
01 Jul 2024
Lead Plaintiff motion deadline
  • $EQIX stockholder filed a claim vs. Equinix for manipulating financials to boost AFFO and lacking adequate internal controls.
  • On March 20, 2024, following the Hindenburg Research report, $EQIX fell by 2.3%, losing $1.86B+ of shareholder value.
  • Affected EQIX investors may join the claim to be notified about potential recovery.
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.”

Hindenburg stated that Equinix manipulates its accounting for AFFO (“Adjusted Funds From Operations”), the key profitability metric for REITs, overstating it by at least 22% in 2023 alone.

On this news, $EQIX fell 2.3% and lost over $1.86B of its market capitalization, seriously damaging shareholders.

Based on these events, $EQIX stockholder filed a claim against Equinix and its leaders, accusing them of the following:
  • Equinix manipulated financials to boost AFFO.
  • They also oversold power capacity without warning of associated risks and lacked adequate internal controls.
Considering all the information, investors might have grounds to suspect that Equinix manipulated financials to boost AFFO and lacked adequate internal controls.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 March 2024
Filing date
02 May 2024
Lead Plaintiff Deadline
01 July 2024
Collecting participants…

Equinix Inc

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software ...

    Ticker
    EQIX.US
    ISIN
    US29444U7000
    CIK
    1101239
    Sector
    Real Estate
    Industry
    REIT - Specialty
    Country
    USA
    Address
    One Lagoon Drive, Redwood City, CA, United States, 94065-1562