PRCH Shareholder News: Johnson Fistel Encourages Shareholders with $20,000 in Losses to Contact the Firm Regarding Investigation
SAN DIEGO, March 7, 2022 (GlobeNewsWire)—
Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) is investigating whether Porch Group Inc. (“Porch” or the “Company”) (NASDAQ: PRCH), any of its executive officers, or others violated securities laws by misrepresenting or failing to timely disclose material, adverse information to investors. The investigation focus on investors’ losses and whether they may be recovered under the federal securities laws.
What if I purchased Porch common stock? If you purchased Porch common stock and suffered significant losses on your investment, join our investigation now:
- Click [here] or paste the following web address into your browser to submit your losses: https://www.cognitoforms.com/JohnsonFistel/PorchGroupInc
- Or for more information, contact Jim Baker at email@example.com or (619) 814-4471
There is no cost or obligation to you.
What is Johnson Fistel investigating? On April 8, 2021, Spruce Point Capital released a short report regarding Porch’s operations. Allegations included the following:
- Warns Investors That Prior To Going Public Via A SPAC In December 2020, Porch Was Hemorrhaging Cash, In Technical Default With Lenders, And Has Concealed Numerous Business Dealings from 2017-2021 Critical To Investors’ Evaluation of The Company
- Expresses Concern That Porch Recorded A $33 Million Transaction On Its Books – One We Believe Allowed Porch To Avoid A Staggering Goodwill Impairment – That Had Absolutely Nothing To Do With The Company And Made Conflicting Statements About It To The SEC
- Highlights That Spruce Point’s Founder Helped Expose A Flawed Business Strategy and Accounting Shenanigans Occurring At The Active Network, Where Porch CEO Matt Ehrlichman Previously Served As Chief Strategy Officer
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.
Following this news, Porch’s stock fell $0.87, or 12%, to close at $6.41 per share on March 2, 2022.
What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or firstname.lastname@example.org.
About Johnson Fistel, LLP. Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in securities class action and derivative lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.