NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Spyre Therapeutics, Inc. (“Spyre” or the “Company”) (NASDAQ:SYRE) on behalf of Spyre stockholders. Our investigation concerns whether Spyre has violated the federal securities laws and/or engaged in 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.
If you purchased or otherwise acquired Spyre shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com