#United States #New York #Spyre Therapeutics #Pomerantz LLP #SEC Investigation

Pomerantz Law Firm Investigates Spyre Therapeutics

On January 2, 2025, Pomerantz LLP announced an investigation into claims on behalf of investors in Spyre Therapeutics, Inc. (NASDAQ: SYRE). This inquiry arises following significant concerns over the company's financial disclosures, potentially impacting shareholder interests.

The investigation’s focus is to determine whether Spyre, alongside certain officers or directors, engaged in any illicit activities, such as securities fraud. Investors associated with the firm have been advised to reach out to Danielle Peyton for further information on the matter.

Recent Developments: Misapplication of Accounting Principles

The crux of the issue surfaced when Spyre disclosed to the U.S. Securities and Exchange Commission that its previously reported audited financial statements, particularly those for the year ending December 31, 2023, and several quarterly periods in 2024, were unreliable. This misstep arose from a misapplication of Generally Accepted Accounting Principles (GAAP), particularly regarding the exclusion of Series A and Series B non-voting convertible preferred stock from its calculations of basic and diluted net loss per share.

In light of these findings, Spyre revealed its intention to amend prior filings, including the Annual Report on Form 10-K and various Quarterly Reports on Form 10-Q, correcting the financial data for the affected periods as soon as possible. Such disclosures prompted a sharp decline in the company's stock price on November 19, 2024, indicating potential investor panic over these revelations.

The Role of Pomerantz LLP and Class Action Implications

Pomerantz LLP stands out as a leading firm specializing in corporate, securities, and antitrust class actions. Founded over 85 years ago by Abraham L. Pomerantz, the firm has a legacy of advocating for victims of securities fraud and corporate misconduct. With offices spanning key global financial hubs, the firm is well-positioned to represent affected investors in class action suits should they arise.

The current investigation adds to Pomerantz's portfolio of high-profile cases, where they have successfully recovered substantial damages for class members in the past. Investors may wish to assess their rights and options as the investigation unfolds.

Important Contact Information

For investors who believe they may have been affected by these developments, Pomerantz LLP encourages reaching out directly. Contact details for Danielle Peyton have been provided for any inquiries regarding the investigation: [email protected] or via phone at 646-581-9980, ext. 7980.

Investors facing challenges linked to the reported misstatements are advised to stay informed and consider their options moving forward, including the potential for joining a class action.

Conclusion

As the situation continues to develop, Spyre Therapeutics faces scrutiny not only from investigators but also from its investor base, which could lead to significant legal battles ahead. Stakeholders should monitor updates closely as the firm seeks to rectify its financial reporting flaws and the implications of these findings unfold in the larger context of securities law.