SAN DIEGO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Spire Global, Inc. (NASDAQ: SPIR) securities between March 6, 2024 and August 14, 2024. Spire Global is a provider of satellite data, analytics and services.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Spire Global, Inc. (SPIR) Misled Investors Regarding Revenue Recognition Related to its Space Services Contracts

According to the complaint, during the class period, defendants failed to disclose to investors: (1) that there were embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts; (2) that Spire Global lacked effective internal controls regarding revenue recognition for these contracts; and (3) that, as a result, the Company overstated revenue for certain Space Services contracts.

Plaintiff alleges that on August 14, 2024, after the market closed, the Company announced it would be unable to timely file its second quarter 2024 financial report as the Company was “reviewing its accounting practices and procedures with respect to revenue recognition” regarding certain Space Services contracts and “related internal control matters.” The Company disclosed the “type of Contracts that the Company has identified for re-evaluation resulted in recognized revenue of $10 to $15 million on an annual basis” and “additional financial measures such as gross profit could also be impacted.” On this news, the Company’s share price fell $3.41 or 33.56%, to close at $6.75 per share on August 15, 2024.

What Now: You may be eligible to participate in the class action against Spire Global, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by October 21, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.  

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Spire Global, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/759b39ef-c66f-419f-acd4-94c5a679c07c