NEW YORK - (NewMediaWire) - April 29, 2021 - Faruqi &
Faruqi, LLP, a leading national securities law firm, is investigating potential
claims against Porch Group Inc. (“Porch” or the “Company”) (NASDAQ: PRCH).
Faruqi & Faruqi is a leading minority
and Woman-owned national securities law firm with offices in New York,
Delaware, Pennsylvania, California and Georgia.
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.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter. We welcome the opportunity to discuss your
particular case. All communications will
be treated in a confidential manner.
Report this content
If you believe this article contains misleading, harmful, or spam content, please let us know.
(NewMediaWire) - April 29, 2021 - Faruqi &
Faruqi, LLP, a leading national securities law firm, is investigating potential
claims against Porch Group Inc. (“Porch” or the “Company”) (NASDAQ: PRCH).
