Core Viewpoint - A class action lawsuit has been filed against Spire Global, Inc. for allegedly misleading investors regarding revenue recognition related to its Space Services contracts [1][2]. Allegations - The complaint alleges that Spire Global failed to disclose embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts [2] - It is claimed that the company lacked effective internal controls regarding revenue recognition for these contracts, leading to an overstatement of revenue [2]. Financial Impact - On August 14, 2024, Spire Global announced it would not be able to timely file its Q2 2024 financial report due to a review of its accounting practices related to revenue recognition [3] - The company identified that the contracts under reevaluation resulted in recognized revenue of $10 to $15 million annually, with potential impacts on gross profit [3]. - Following this announcement, the company's share price dropped by $3.41, or 33.56%, closing at $6.75 per share on August 15, 2024 [3]. Class Action Participation - Shareholders interested in serving as lead plaintiffs must submit their applications by October 21, 2024 [4]. - Participation in the case is not required to be eligible for recovery, allowing shareholders to remain absent class members if they choose [4]. About Robbins LLP - Robbins LLP is a law firm that actively litigates securities class actions and has a history of recovering over $1 billion for shareholders since its inception in 2002 [6].

Group 1 - A shareholder has filed a securities class action lawsuit on behalf of investors who purchased or acquired the securities of Spire Global, Inc. between March 6, 2024 and August 14, 2024 [1] - The lawsuit alleges that Spire Global made misrepresentations regarding its accounting practices and revenue recognition related to certain contracts [2] - Investors wishing to serve as lead plaintiff must file papers by October 21, 2024, and representation is on a contingency fee basis, meaning shareholders pay no fees or expenses [3] Group 2 - Bernstein Liebhard LLP has recovered over $3.5 billion for its clients since 1993 and has represented both individual investors and large public and private pension funds [4]

SAN DIEGO, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Spire Global, Inc. ("Spire" or "the Company") (NYSE: SPIR). If you incurred significant losses and want to act as the lead plaintiff in the Spire Global class action lawsuit or determine if you are eligible to receive a potential recovery of your losses, please submit your details here: SUBMIT YOUR INFORMATION NOW CLASS PERIOD: March 6, 20 ...

BOSTON, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Block & Leviton announces that a securities fraud lawsuit has been filed against Spire Global, Inc. (NYSE: SPIR) and certain of its executives. Investors who have lost money in their Spire Global, Inc. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/spir. What is this all about? The lawsuit alleges that Spire Global, Inc. and its executives made materially false and/or ...

LOS ANGELES, Aug. 22, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Spire Global, Inc. ("Spire" or "the Company") (NYSE: SPIR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between March 6, 2024 and August 14, 2024, inclusive (the "Class Period"), are e ...

NEW YORK, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons or entities who purchased or otherwise acquired Spire Global, Inc. ("Spire Global" or the "Company") (NYSE: SPIR) securities between March 6, 2024 and August 14, 2024, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the feder ...

Core Points - A shareholder class action lawsuit has been filed against Spire Global, Inc. alleging materially false and misleading statements regarding the company's business and operations [1] - The lawsuit claims that Spire Global had embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts [1] - It is alleged that Spire Global lacked effective internal controls regarding revenue recognition for these contracts, leading to an overstatement of revenue [1] Legal Context - Shareholders who purchased Spire Global shares between March 6, 2024, and August 14, 2024, and suffered significant losses are encouraged to discuss their legal rights [2] - The deadline to request to be appointed lead plaintiff in the case is October 21, 2024 [3] - Holzer & Holzer, LLC is a law firm specializing in securities litigation and has a history of recovering significant amounts for shareholders affected by corporate misconduct [3]

ATLANTA, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC is investigating whether Spire Global, Inc. ("Spire Global" or the "Company") (NYSE: SPIR) complied with federal securities laws. On August 14, 2024, Spire Global stated that it would be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, because the Company "is in the process of reviewing its accounting practices and procedures with respect to revenue recognition related to certain contracts in its 'Spa ...

Core Viewpoint - Spire Global, Inc. is under investigation for potential misrepresentation of its financial health and accounting practices, particularly regarding revenue recognition in its "Space as a Service" business, which may lead to restatements of financial statements and significant losses for investors [1][2][4]. Financial Reporting Issues - Spire announced it would not file its Q2 quarterly report on time due to a review of its accounting practices related to revenue recognition for certain contracts, potentially involving embedded leases [2]. - The company indicated that the contracts under review resulted in recognized revenue of approximately $10 million to $15 million [2]. Debt and Financial Covenants - Preliminary information suggests Spire may be in violation of its maximum debt to EBITDA leverage ratio under its financing agreement with Blue Torch Finance, and the company is seeking waivers or amendments to this agreement [3]. - Following this announcement, Spire's share price dropped by about 33% on August 15, 2024 [3]. Legal and Investigative Actions - Hagens Berman is leading an investigation into whether Spire misled investors regarding its financial results and overall health, urging affected investors to come forward [4]. - The firm is also encouraging whistleblowers with non-public information to assist in the investigation, with potential rewards under the SEC Whistleblower program [4].

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> For Redwire Corporation, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.12. This ...