SPIR Deadline to Lead in Securities Fraud Lawsuit is October 21, 2024 - Contact Kaplan Fox & Kilsheimer LLP

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If you are an investor in Spire Global and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than October 21, 2024 to serve as a lead plaintiff for the purported class.  If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.

On August 14, 2024, after the market closed, Spire Global disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that it is “unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 [] within the prescribed time frame” and “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 under applicable accounting standards and guidance.” Additionally, Spire Global’s SEC filing states that “[t]he Company is also considering any related internal control matters associated with the Contracts” and that “[d]epending on the results of this review, the Company may be required to restate or revise its previously issued financial statements.”

On this news, the price of Spire Global stock fell $3.41 per share, over 33%, to close at $6.75 per share on August 15, 2024.

The complaint alleges, among other things, that throughout the Class Period, the Defendants failed to disclose to investors: (i) that there were embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts; (ii) that Spire Global lacked effective internal controls regarding revenue recognition for these contracts; and (iii) that, as a result, the Company overstated revenue for certain Space Services contracts.

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If you have any questions about this Notice, your rights, or your interests, please contact:

CONTACT:

Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com