Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud and unlawful business practices involving Spyre Therapeutics, Inc. following the company's disclosure of issues with its financial statements [1][2]. Financial Reporting Issues - On November 18, 2024, Spyre announced that its previously issued audited financial statements for the year ending December 31, 2023, and interim periods should no longer be relied upon due to a misapplication of Generally Accepted Accounting Principles [2]. - The misapplication involved the exclusion of Series A and Series B non-voting convertible preferred stock in the calculation of basic and diluted net loss per share, along with a finding of material weakness in internal control over financial reporting [2]. - Spyre plans to amend its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for the affected periods to correct the net loss per share figures [2]. Stock Market Reaction - Following the announcement of the financial reporting issues, Spyre's stock price experienced a significant decline during intraday trading on November 19, 2024 [2]. Legal Context - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a long history of fighting for victims of securities fraud and corporate misconduct [3].
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Spyre Therapeutics, Inc. - SYRE