Spire (US:SPIR) Prnewswireยท2024-09-26 09:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Spire Global, Inc. regarding a class action lawsuit alleging misleading statements and lack of internal controls related to revenue recognition for certain Space Services contracts [1][2]. Group 1: Allegations - The complaint claims that Spire Global made materially false and/or misleading statements during the class period from March 6, 2024, to August 14, 2024 [1]. - Specific allegations include the existence of embedded leases for identifiable assets and pre-space mission activities that were not disclosed [1]. - It is alleged that Spire Global lacked effective internal controls regarding revenue recognition, leading to an overstatement of revenue for certain contracts [1]. Group 2: Class Action Details - Shareholders who purchased shares during the specified class period are encouraged to register for the class action, with a deadline of October 21, 2024, to seek lead plaintiff status [2]. - Participants will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].