BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf of Porch Group Inc. (“Porch” or the “Company”) (NASDAQ: PRCH) investors concerning the Company’s possible violations of federal securities laws.
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.
Then, on March 1, 2022, after the market closed, Porch disclosed that it could not timely file its 2021 annual report. The Company also disclosed that it had identified material weaknesses in its internal control over financial reporting.
On this news, Porch’s stock fell $0.87, or 12%, to close at $6.41 per share on March 2, 2022, thereby injuring investors further.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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