DEADLINE FOR INVESTORS APPROACHES: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Spire Investors

James (Josh) Wilson, Securities Litigation Partner at Faruqi & Faruqi, LLP, encourages investors who suffered losses of more than $75,000 in Spire to contact him directly to discuss their options.

If you have suffered losses of more than $75,000 in Point between March 6, 2024 and August 14, 2024 and if you would like to discuss your legal rights, please call Faruqi & Faruqi Partner Josh Wilson direct bee 877-247-4292 or 212-983-9330 (extension 1310).

(You can also click here for more information)

New York, New York–(Newsfile Corp. – September 7, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Spire Global, Inc. (“Spire” or the “Company”) (NYSE: SPIR) and reminds investors of the Deadline October 21, 2024 to serve as lead plaintiff in a federal securities class action lawsuit filed against the company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As set forth below, the complaint filed in this class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that there were embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts; (2) that Spire Global did not have effective internal controls regarding the recognition of revenue for these contracts; (3) that, as a result, the Company overstated the revenue for certain Space Services contracts; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 14, 2024, after the market closed, the Company announced that it would be unable to file its second quarter 2024 financial report on time because the Company was reviewing “its accounting practices and procedures relating to revenue recognition” with respect to certain Space Services contracts and “related internal control matters.” The Company disclosed that “the types of contracts the Company has identified for reevaluation resulted in recognized revenues of $10 million to $15 million on an annualized basis” and that “additional financial measures such as gross profit may also be impacted.”

On this news, the company’s stock price fell $3.41, or 33.56%, to close at $6.75 per share on August 15, 2024, amid unusually high trading volume.

The Court-appointed Lead Plaintiff is the investor with the largest financial interest in the relief sought by the class that is sufficient and typical of class members who direct and oversee the litigation on behalf of the putative class. Any member of the putative class may petition the Court to serve as Lead Plaintiff through counsel of their choosing, or may elect to do nothing and remain an absent class member. Your ability to share in any recovery will not be affected by the decision to serve as Lead Plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Spire’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Follow us for updates on LinkedIn, on X or on Facebook.

Attorney Advertisement. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to future matters. We welcome the opportunity to discuss your specific case. All communications will be treated as confidential.

To view the source version of this press release, visit https://www.newsfilecorp.com/release/222475