| COMPANY |
Spire Global, Inc. |
| COURT |
United States District Court for the Eastern District of Virginia |
| CASE NUMBER |
24-cv-01458 |
| JUDGE |
The Hon. Michael Stefan Nachmanoff |
| CLASS PERIOD |
March 6, 2024 through August 14, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS OCTOBER 21, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On August 14, 2024, after the market closed, Spire Global announced it would be unable to timely file its second quarter 2024 financial report. Spire Global indicated that it was “reviewing its accounting practices and procedures with respect to revenue recognition related to certain [Space Services] contracts,” and that the “re-evaluation relates to the potential existence of embedded leases of identifiable assets in the [c]ontracts and the related recognition of revenue for pre-space mission activities,” as well as “related internal control matters.” Spire Global further added that, depending on the results of the review, it “may be required to restate or revise its previously issued financial statements,” and that at the time of this announcement, the “type of [c]ontracts that the Company has identified for re-evaluation resulted in recognized revenue of $10 to $15 million on an annual basis.” On this news, the price of Spire Global Class A common stock declined $3.41 per share, or approximately 33.56%, from a close of $10.16 per share on August 14, 2024, to close at $6.75 per share on August 15, 2024.
The complaint alleges that, during the Class Period, 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 misrepresented and/or failed to disclose that: (1) there were embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts; (2) Spire Global lacked effective internal controls regarding revenue recognition for these contracts; (3) Spire Global overstated revenue for certain Space Services contracts; and (4) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.