Faruqi & Faruqi, LLP, a prominent national securities law firm, is currently investigating potential legal claims against Spire Global, Inc. (SPIR). The firm is seeking to represent investors who may have suffered losses exceeding $75,000 due to alleged misstatements and omissions by Spire concerning its business practices.
The investigation centers around concerns that Spire may have misled investors about its revenue recognition practices, particularly regarding certain Space Services contracts. The firm alleges that Spire failed to disclose the existence of embedded leases for identifiable assets and pre-space mission activities related to these contracts. Additionally, it’s claimed that Spire lacked adequate internal controls over revenue recognition, leading to inflated revenue figures for these Space Services contracts.
These alleged misrepresentations came to light in August 2024 when Spire announced it would be unable to file its second quarter 2024 financial report on time. The company attributed the delay to a review of its accounting practices and procedures related to revenue recognition and internal controls. Following this announcement, Spire’s share price plummeted by over 33%.
Investors who purchased Spire securities between March 6, 2024, and August 14, 2024, and have incurred losses exceeding $75,000 are urged to contact Faruqi & Faruqi directly to discuss their legal options. The firm encourages investors to reach out to partner Josh Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310) to learn more about their potential rights.
Faruqi & Faruqi is a well-established firm with a strong track record in representing investors in securities class action lawsuits. They have successfully recovered hundreds of millions of dollars for investors since their founding in 1995.
If you believe you may have been impacted by Spire’s alleged misconduct, it’s crucial to seek legal counsel to understand your rights and potential options. Contacting Faruqi & Faruqi is a starting point for exploring these options and potentially seeking redress for your financial losses.
