LOS ANGELES, April 23, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Porch Group, Inc. ("Porch" or the "Company") (NASDAQ: PRCH) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
A report was published on April 8, 2021 by Spruce Point Capital Management alleging that Porch obscured or concealed numerous business activities between 2017 and 2021 and fabricated a non-existent partnership service. It was asserted in this report 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 April 9, 2021, Porch’s stock price fell $0.50 per share, or 2.89%, on this news, to close at $16.80 per share, thereby injuring investors.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising