LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Porch Group Inc. (“Porch” or the “Company”) (NASDAQ: PRCH) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On April 8, 2021, Spruce Point Capital Management (“Spruce Point”) published a report alleging that Porch concealed or obscured numerous business activities between 2017 and 2021 and faked a non-existent partnership service. Spruce Point asserted 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, thereby injuring investors.
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If you purchased Porch securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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