The Law Offices of Frank R. Cruz announces an investigation of Spire Global, Inc. (“Spire” or the “Company”) (NYSE: SPIR) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 14, 2024, Spire disclosed that it would not file its quarterly report for the second quarter 2024 on time because it “is in the process of reviewing its accounting practices and procedures with respect to revenue recognition related to certain contracts in its ‘Space as a Service’ business.” The Company further disclosed that “the type of Contracts that the Company has identified for re-evaluation resulted in recognized revenue of approximately $10 to $15 million on an annual basis.”
On this news, Spire’s stock price fell as much as 38% during intraday trading on August 15, 2024, thereby injuring investors.
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If you purchased Spire securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240815542334/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
