NEWTOWN, Pa., Aug. 29, 2024 (GLOBE NEWSWIRE) — Edelson Lechtzin LLP, a leading class action law firm, announces that investors of Spire Global, Inc. common stock (NYSE: SPIR) between March 6, 2024, and August 14, 2024, inclusive (the “Class Period”) may seek appointment as lead plaintiff in the pending securities fraud class action lawsuit. A copy of the Complaint can be found HERE.
Investors who purchased Spire Global stock may move the U.S. District Court for the Eastern District of Virginia to appoint them as lead plaintiff, no later than October 21, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses at 844-696-7492, or by e-mail at elechtzin@edelson-law.com. You can also submit your trading information online HERE.
Background on Spire Global, Inc.
Spire Global, based in Vienna, Virginia, uses satellites to gather data and provide analysis for various business uses, like tracking ships, guiding aircraft, and predicting the weather.
The Securities Fraud Claims
Throughout the Class Period, the complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) there were embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts; (ii) Spire Global lacked effective internal controls regarding revenue recognition for these contracts; and (iii) as a result, the company overstated revenue for certain Space Services contracts.
On August 14, 2024, after the market closed, the company announced that it would delay filing its second-quarter financials. They attributed this delay to the company reviewing how it handled revenue from certain Space Services contracts and related internal controls. The company mentioned that the contracts in question brought in $10 to $15 million per year and that other financial metrics, including gross profit, could also be affected. On this news, the Company’s stock price fell $3.41 per share, or 33.56%, to close at $6.75 per share on August 15, 2024, on unusually heavy trading volume.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
