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Plaintiff alleges that we and the individual defendants made false or misleading statements relating to (1) how revenue was recognized for pre-space services for certain space contracts, and (2) how costs for certain contracts were characterized.
−Removed: The plaintiff seeks to represent a class of shareholders who purchased or otherwise acquired our common stock
−Removed: between May 11, 2022 and August 14, 2024.
+Added: The plaintiff seeks to represent a class of shareholders who purchased or otherwise acquired our common stock between May 11, 2022 and August 14, 2024.
The plaintiff seeks damages and other relief, including attorneys' fees and costs.
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On January 22, 2025, the defendants moved to dismiss the amended complaint in its entirety.
−Removed: Briefing on Defendants’ motion to dismiss is scheduled to be completed by the end of February 2025, and the motion is presently scheduled to be heard by the Court on March 14, 2025.
−Removed: By statute, discovery is stayed in the Master Securities Lawsuit until the resolution of Defendants’ motion to dismiss.
+Added: The court in the Master Securities Lawsuit held argument on our motion to dismiss on March 14, 2025.
+Added: After hearing argument from both sides, the court issued its order on the record dismissing the Master Securities Lawsuit without prejudice.
+Added: The court granted the plaintiff 30 days to consider whether to amend.
On September 5, 2024, a stockholder derivative lawsuit was filed in the United States District Court for the Eastern District of Virginia, purportedly on behalf of us against certain of our officers and directors and us (as a nominal defendant), captioned Lawrence Hollin v.
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Share Purchase Agreement Litigation
−Removed: As previously disclosed, on November 13, 2024, we entered into a Share Purchase Agreement (the “ Purchase Agreement ”) with Kpler Holding SA, a Belgian corporation (“ Buyer ”), pursuant to which we agreed to sell our maritime business to Buyer and enter into certain ancillary agreements (the “ Transactions ”).
+Added: As previously disclosed, on November 13, 2024, we entered into the Purchase Agreement with Buyer, pursuant to which we agreed to complete the Transactions.
The maritime business to be sold pursuant to the Transactions does not include any part of our satellite network or operations.
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In the complaint, we also requested a declaratory judgment declaring that Buyer has breached its obligations under the Purchase Agreement and is not excused from performing its obligations under the Purchase Agreement, including proceeding with the closing.
−Removed: Kpler removed the matter to the District of Delaware, pursuant to a contract term in the Purchase Agreement promising not to contest removal to that court.
+Added: Buyer removed the matter to the District of Delaware, pursuant to a contract term in the Purchase Agreement promising not to contest removal to that court.
The District of Delaware initially selected a March 4 trial date, but on February 26, 2025, the court set a trial date of May 28-30, 2025.
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The amount of any damages which may be sought or obtained from Buyer cannot be determined at this time.
−Removed: Except as disclosed above, Spire is not currently a party to any legal proceedings that, if determined adversely to us, would, in our opinion, have a material adverse effect on our business, results of operations, financial condition, or cash flows.
+Added: Except as disclosed above, we are not currently a party to any legal proceedings that, if determined adversely to us, would, in our opinion, have a material adverse effect on our business, results of operations, financial condition, or cash flows.
Future litigation may be necessary to defend ourselves, our partners, and our customers by determining the scope, enforceability, and validity of third-party proprietary rights, or to establish our proprietary rights.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.