#United States #New York #Spyre Therapeutics #Pomerantz LLP #SYRE

Investor Alert: Pomerantz Law Firm's Investigation into Spyre Therapeutics, Inc.

The Pomerantz Law Firm, renowned for its expertise in securities class action litigation, is currently conducting an investigation into claims on behalf of investors of Spyre Therapeutics, Inc. (NASDAQ: SYRE). This inquiry arises from allegations surrounding potential securities fraud and other unlawful business practices involving the company's officers and directors.

Background of Spyre Therapeutics

Spyre Therapeutics, Inc. is a biotechnology firm focused on developing innovative therapy solutions. However, the company recently faced significant scrutiny after revealing discrepancies in its previously issued financial statements. On November 18, 2024, Spyre disclosed to the U.S. Securities and Exchange Commission (SEC) that its audited consolidated financial statements for the year ending December 31, 2023, and several quarterly reports should no longer be relied upon. The reason given was a misapplication of Generally Accepted Accounting Principles (GAAP), specifically regarding how the company reported losses per share by excluding Series A and Series B non-voting convertible preferred stock.

According to the company's statement, these miscalculations indicate a material weakness in internal control over financial reporting, which could have adverse effects on the integrity of Spyre's financial data. In light of these issues, the company plans to amend its Annual Report (Form 10-K) and multiple Quarterly Reports (Form 10-Q) to correct the net loss per share figures affected.

Market Reaction and Investor Concern

Following the announcement of these discrepancies, Spyre’s stock price experienced a sharp decline during intraday trading on November 19, 2024. This rapid decrease has raised alarms among investors, prompting inquiries into the integrity of Spyre’s financial disclosures and the company’s adherence to federal securities laws.

Investors who feel adversely affected by these developments are encouraged to reach out to Pomerantz LLP to discuss potential claims. The firm intends to provide a comprehensive examination of whether the stakeholders of Spyre Therapeutics were misled regarding the company’s financial standing and operational practices.

Pomerantz Law Firm: A Legacy of Advocacy

Established over 85 years ago by the late Abraham L. Pomerantz, the firm has a rich heritage of championing the rights of investors. Known as a pioneer in the field of securities class actions, Pomerantz continues its legacy by facilitating justice for victims of corporate misconduct. The firm's extensive experience has secured numerous multimillion-dollar settlements for aggrieved shareholders across various cases.

In the wake of recent developments at Spyre Therapeutics, Pomerantz's investigation not only seeks to protect the interests of current shareholders but also strives to uphold the principles of corporate governance and transparency.

Conclusion

As the investigation unfolds, it remains critical for investors to remain vigilant and informed. Those wishing to participate in the class action or needing further guidance are advised to contact Danielle Peyton at Pomerantz LLP via the provided contact details. Investors deserve clarity on Spyre's financial health and the extent of any potential regulatory violations.

For further information regarding participation in the class action against Spyre Therapeutics, please contact:

Danielle Peyton
Pomerantz LLP
Email: [email protected]
Phone: 646-581-9980 ext. 7980

Pomerantz is committed to safeguarding the financial rights of investors and holding corporations accountable for their actions.