Spire Global, Inc. (NYSE: SPIR)

This lawsuit is for anyone who acquired securities in Spire Global, Inc. (NYSE: SPIR) from May 11, 2022 through August 27, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had sufficient internal controls to assure proper revenue recognition when the Company lacked such controls.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, after the market closed on August 27, 2024, the Company announced that investors should no longer rely on its previously issued financial statements beginning with its financial statements for the quarter ended March 31, 2022, originally released on May 11, 2022. The Company revealed the need to restate its financial statements as of and for (a) the quarters and nine months ended September 30, 2022 and 2023, (b) the quarters and six months ended June 30, 2022 and 2023, (c) the quarters ended March 31, 2022, 2023, and 2024, and (d) the years ended December 31, 2022 and 2023. The Company said that it needed “to remove certain pre-space mission activity revenue,” and “record that revenue over the period in which data is delivered.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Spire Global, Inc. (NYSE: SPIR) from from May 11, 2022 through August 27, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.