NEW YORK, Nov. 25, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Spyre Therapeutics, Inc. (“Spyre” or the “Company”) (NASDAQ: SYRE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Spyre and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 18, 2024, Spyre disclosed in a filing with the U.S. Securities and Exchange Commission “that the Company’s previously issued audited consolidated financial statements as of December 31, 2023 and for the year and the second and third quarter interim periods within the year then ended, and its unaudited consolidated financial statements for the quarterly and year-to-date (as applicable) periods ended March 31, 2024, June 30, 2024 and 2023, and September 30, 2024 and 2023 (collectively, the ‘Affected Financial Statements’ and such periods, the ‘Affected Periods’) should no longer be relied upon” due to “a misapplication of Generally Accepted Accounting Principles in the United States . . . as it relates to the Company’s exclusion of its Series A and Series B non-voting convertible preferred stock in the calculation of basic and diluted net loss per share and a finding of material weakness in internal control over financial reporting solely related to such matter.” Accordingly, Spyre advised that it “intends to file amendments to the Annual Report on Form 10-K and each of the Quarterly Reports on Form 10-Q for the Affected Periods to correct the net loss per share figures as soon as possible.”
On this news, Spyre’s stock price fell sharply during intraday trading on November 19, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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