Press release
Investigation announced for Investors in NASDAQ: EQIX shares over possible Violations of Securities Laws by Equinix, Inc.
An investigation for investors in Equinix, Inc. (NASDAQ: EQIX) shares over potential securities laws violations by Equinix, Inc.
Investors who purchased shares of Equinix, Inc. (NASDAQ: EQIX), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Equinix, Inc. (NASDAQ: EQIX) concerning whether a series of statements by Equinix, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Redwood City, CA based Equinix (Nasdaq: EQIX) is the world's digital infrastructure company. Equinix, Inc. reported that its annual Total Revenue rose from over $7.26 billion in 2022 to over $8.18 billion in 2023, and that its Net Income increased from $704.34 million in 2022 to $969.17 million in 2023.
On March 20, 2024, Hindenburg Research issued 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, "Our investigation, which included a review of financial and litigation records and interviews with 37 former Equinix employees, industry experts and competitors, revealed that Equinix manipulates its accounting for AFFO, the key profitability metric for REITs. We estimate this metric was overstated by at least 22% in 2023 alone." Further asserting "A key accounting trick to boost AFFO is to misclassify maintenance CapEx as growth CapEx, giving the appearance that the company's cost to maintain its revenue base is lower than it actually is, making the company appear more profitable."
Shares of Equinix, Inc. (NASDAQ: EQIX) declined from $914.93 per share on March 04, 2024, to $785.16 per share on March 25, 2024.
Those who purchased shares of Equinix, Inc. (NASDAQ: EQIX) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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