NEW YORK, April 13, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Porch Group Inc. («Porch» or the «Company») (NASDAQ: PRCH). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Porch and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-porch-group-inc—prch-301268346.html
SOURCE Pomerantz LLP