According to the Complaint, EQUINIX, INC. describes itself as “the world’s digital infrastructure company.” Equinix owns data centers in most parts of the world. As of February 2016, Equinix owned 260 data centers around the world. Other organizations lease space within these data centers to house their software.

The Complaint alleges that 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.

On August 15, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on September 12. Defendants filed a Motion to Dismiss the Amended Complaint on October 10.

On January 6, 2025, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On July 15, 2025, the parties entered into a Stipulation of Settlement.