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Porch Group Inc.

Company NamePorch Group Inc.
Stock SymbolPRCH

On April 8, 2021, Spruce Point Capital Management (“Spruce Point”) published a report alleging that Porch concealed or obscured numerous business activities between 2017 and 2021 and faked a non-existent partnership service. Spruce Point asserted that Porch understates its true leverage by keeping up to $1.1 billion potential exposure to financial guarantees off its books and artificially inflates its gross margins by engaging in barter transactions.

On this news, Porch’s stock price fell $0.50 per share, or 2.89%, to close at $16.80 per share on April 9, 2021, thereby injuring investors.

 

 

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