An investigation for investors in Porch Group Inc. (NASDAQ: PRCH) shares over potential securities laws violations by Porch Group Inc. was announced.
San Diego, CA — (SBWIRE) — 03/16/2022 — Porch Group Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Porch Group Inc. (NASDAQ: PRCH), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether a series of statements by Porch Group Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Seattle, WA based Porch Group, Inc. operates a software platform in the United States and Canada.
On Apr. 8, 2021, a report was published entitled “A Porch On A Flimsy Foundation.”
According to the report Porch Group Inc. “is 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.”
The report accused the company of concealing or obscuring numerous business activities from 2017 – 2021 and faking a partnership service that doesn’t exist.
The report also estimates that Porch Group Inc. 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.
Shares of Porch Group Inc. (NASDAQ: PRCH) declined from $24.28 per share on February 10, 2021, to as low as $11.73 per share on April 20, 2021.
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.
Shares of Porch Group Inc. (NASDAQ: PRCH) declined from $11.00 per share on February 1, 2022, to as low as $5.94 per share on March 4, 2022.
Those who purchased shares of Porch Group Inc. (NASDAQ: PRCH) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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