NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Spire Global, Inc. (“Spire” or the “Company”) (NYSE: SPIR). The investigation concerns whether Spire and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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On August 14, 2024, Spire issued a press release announcing that it “has filed a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission (“SEC”) related to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. The Company is working diligently to finalize its financial statements and will file its Quarterly Report on Form 10-Q as soon as practicable.” The Company also disclosed that 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,” and 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, the price of Spire shares declined by $3.41 per share, or approximately 33.5%, from $10.16 per share on August 14, 2024, to close at $6.75 on August 15, 2024.
If you purchased or otherwise acquired Spire securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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