Legal Investigation Launched for Spyre Therapeutics Investors Following Financial Irregularities
On December 27, 2024, Pomerantz LLP announced that it is conducting an investigation on behalf of investors of Spyre Therapeutics, Inc., trading on NASDAQ with the symbol SYRE. This investigation seeks to address allegations concerning potential securities fraud and other unlawful business practices allegedly engaged in by the company's executives.
The investigation comes in light of troubling revelations made by Spyre on November 18, 2024, when it disclosed to the U.S. Securities and Exchange Commission that its previously published audited consolidated financial statements for the fiscal year ending on December 31, 2023, as well as other interim reports, could no longer be relied upon. The company cited its misapplication of Generally Accepted Accounting Principles (GAAP) in the United States as a primary reason for this retraction. In particular, it was revealed that Spyre erroneously excluded its Series A and Series B non-voting convertible preferred stock in the calculation of both basic and diluted net loss per share.
Additionally, the announcement stated a material weakness in internal control over financial reporting related solely to these issues. As a result, Spyre has indicated its intent to promptly file amendments to its Annual Report on Form 10-K and all the relevant Quarterly Reports on Form 10-Q for the affected periods to amend incorrect net loss per share figures.
Following the announcement on November 19, 2024, Spyre’s shares saw a significant decline, reflecting investor concern over the integrity of the company's financial reporting and operational practices. This situation has prompted Pomerantz LLP to encourage investors who may have been affected to get in contact with their office for potential legal assistance.
Pomerantz LLP, a renowned law firm specializing in corporate, securities, and antitrust class actions, has built a reputation over its 85-year history for advocating on behalf of investors wronged by corporate misconduct. Founded by the late Abraham L. Pomerantz, the firm has a storied legacy in leading the charge against securities fraud, having recovered substantial damages for the victims it represents.
As investigations continue and Pomerantz works to uncover the extent of the alleged misconduct at Spyre, impacted investors may explore options for legal recourse in a class action format. Those interested are directed to contact attorney Danielle Peyton at Pomerantz for more information about joining the class action against Spyre Therapeutics. The firm operates offices in key locations around the world, including New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, emphasizing its global commitment to uphold investors' rights and ensure corporate accountability.
This investigation underscores the importance of robust financial oversight and compliance within public companies, particularly in the biotech sector, where financial mismanagement can lead to dire consequences for investors and shareholders alike. As developments arise, the financial community is watching closely to see how Spyre Therapeutics responds to these critical allegations and what measures they will take to restore investor confidence.
For any further inquiries, investors may reach out to Danielle Peyton at Pomerantz LLP via email or phone for more details regarding their rights and options moving forward.
The investigation comes in light of troubling revelations made by Spyre on November 18, 2024, when it disclosed to the U.S. Securities and Exchange Commission that its previously published audited consolidated financial statements for the fiscal year ending on December 31, 2023, as well as other interim reports, could no longer be relied upon. The company cited its misapplication of Generally Accepted Accounting Principles (GAAP) in the United States as a primary reason for this retraction. In particular, it was revealed that Spyre erroneously excluded its Series A and Series B non-voting convertible preferred stock in the calculation of both basic and diluted net loss per share.
Additionally, the announcement stated a material weakness in internal control over financial reporting related solely to these issues. As a result, Spyre has indicated its intent to promptly file amendments to its Annual Report on Form 10-K and all the relevant Quarterly Reports on Form 10-Q for the affected periods to amend incorrect net loss per share figures.
Following the announcement on November 19, 2024, Spyre’s shares saw a significant decline, reflecting investor concern over the integrity of the company's financial reporting and operational practices. This situation has prompted Pomerantz LLP to encourage investors who may have been affected to get in contact with their office for potential legal assistance.
Pomerantz LLP, a renowned law firm specializing in corporate, securities, and antitrust class actions, has built a reputation over its 85-year history for advocating on behalf of investors wronged by corporate misconduct. Founded by the late Abraham L. Pomerantz, the firm has a storied legacy in leading the charge against securities fraud, having recovered substantial damages for the victims it represents.
As investigations continue and Pomerantz works to uncover the extent of the alleged misconduct at Spyre, impacted investors may explore options for legal recourse in a class action format. Those interested are directed to contact attorney Danielle Peyton at Pomerantz for more information about joining the class action against Spyre Therapeutics. The firm operates offices in key locations around the world, including New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, emphasizing its global commitment to uphold investors' rights and ensure corporate accountability.
This investigation underscores the importance of robust financial oversight and compliance within public companies, particularly in the biotech sector, where financial mismanagement can lead to dire consequences for investors and shareholders alike. As developments arise, the financial community is watching closely to see how Spyre Therapeutics responds to these critical allegations and what measures they will take to restore investor confidence.
For any further inquiries, investors may reach out to Danielle Peyton at Pomerantz LLP via email or phone for more details regarding their rights and options moving forward.
Topics Financial Services & Investing）
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