SAN FRANCISCO, April 01, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Equinix, Inc. (NASDAQ:EQIX) investors who suffered substantial losses to submit your losses now.
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Equinix, Inc. (NASDAQ:EQIX) Investigation:
On Mar. 25, 2024, Equinix disclosed announced that the Audit Committee of the company's Board of Directors has commenced an independent investigation to review the matters referenced in a recent short seller report. Equinix further disclosed that after the release of the report, the company received a subpoena from the U.S. Attorney's Office for the Northern District of California.
The short seller report in question was issued by Hindenburg Research on Mar. 20, 2024, alleging that Equinix's senior management was manipulating key financial metrics to boost the appearance of profitability and trigger executive stock grants.
Hindenburg's report, entitled "Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling An AI Pipedream As Insiders Cashed Out Hundreds of Millions," is based in part on interviews with 37 former Equinix employees and a forensic review of the company's financial statements.
Significantly, Hindenburg's forensic review concludes that:
(1) Equinix inflates its adjusted funds from operations ("AFFO"), the key profitability metric for REITs, by ...
EQIX) Falls After Disclosing Internal Investigation and DOJ Subpoena - Hagens Berman>Full story available on Benzinga.com