PORCH INVESTOR ALERT
NEW YORK - ( NewMediaWire ) - May 03, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Porch Group Inc. (“Porch” or the “Company”) (NASDAQ: PRCH).
If you suffered losses exceeding $50,000 investing in Porch stock or options and would like to discuss your legal rights , call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: http://www.faruqilaw.com/PRCH.
There is no cost or obligation to you.
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.
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