NEW YORK–(BUSINESS WIRE)–Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, is investigating potential securities violations and breach of fiduciary duty claims against Virgin Galactic Holdings Inc. (NYSE: SPCE).
On May 4, Virgin Galactic Holdings Inc. closed down over 9% on enormous volume after the space tourism company said it would restate certain past financial results in the wake of recent comments by the Securities and Exchange Commission on the accounting treatment of deals involving special-purpose acquisition companies.
The Company reported in a Current Report on Form 8-K that, following its review of the SEC Statement and consulting with its advisors, the Company will restate its consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The restatement is due solely to the accounting treatment for the warrants of Social Capital Hedosophia Holdings Corp. that were outstanding at the time of the Company’s business combination on October 25, 2019.
If you currently own shares and/or options of SPCE and want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at firstname.lastname@example.org
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David J. Schwartz