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) -- 04/19/2021 -- An investigation on behalf of investors of Porch Group Inc. (NASDAQ: PRCH) shares over potential securities laws violations by Porch Group Inc. was announced.
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 $15.35 per share on March 25, 2021.
Those who purchased shares of Porch Group Inc. (NASDAQ: PRCH) have certain options and should contact the Shareholders Foundation.
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