NEW YORK–(BUSINESS WIRE)–#FederalSecuritiesLaws–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Porch Group, Inc. (NASDAQ: PRCH) on behalf of Porch Group stockholders. Our investigation concerns whether Porch Group has violated the federal securities laws and/or engaged in other unlawful business practices.
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On April 8, 2021, Spruce Point Capital Management (“Spruce Point”) published a report entitled “A Porch On A Flimsy Foundation.” The Spruce Point report characterized Porch as “a classic example of a Company that has never found a business model that makes sense and was in technical default with a going concern warning before using the frothy SPAC market as an opportunity to allow insiders to dump shares.” Spruce Point further accused the Company of concealing or obscuring numerous business activities between 2017 and 2021 and faking a non-existent partnership service. Spruce Point estimated that Porch understates its true leverage by keeping up to $1.1 billion potential exposure to financial guarantees off its books and artificially inflates its gross margins by engaging in barter transactions.
On this news, Porch’s stock price fell $0.50 per share, or 2.89%, to close at $16.80 per share on April 9, 2021.
If you purchased or otherwise acquired Porch Group shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.