Spire (SPIR) GlobeNewswire News Room·2024-10-02 17:04Core Viewpoint - The Gross Law Firm is notifying shareholders of Spire Global, Inc. regarding a class action lawsuit due to alleged misleading statements and lack of disclosure during a specified class period [1][2]. Group 1: Allegations - The complaint alleges that during the class period from March 6, 2024, to August 14, 2024, Spire Global made materially false and misleading statements [2]. - Specific allegations include the existence of embedded leases for identifiable assets and pre-space mission activities that were not disclosed, which allowed customers to deploy their own applications and sensors via satellite [2]. - It is claimed that Spire Global lacked effective internal controls regarding revenue recognition for certain Space Services contracts, leading to an overstatement of revenue [2]. - The positive statements made by the defendants about the company's business and prospects were materially misleading and lacked a reasonable basis due to these issues [2]. Group 2: Class Action Details - Shareholders are encouraged to register for the class action lawsuit by the deadline of October 21, 2024, to potentially be appointed as lead plaintiffs [3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the status of the case [3]. - Participation in the case does not incur any cost or obligation for the shareholders [3]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors affected by deceit and illegal business practices [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [4].