Spruce is the subject of a Seeking Alpha report published on March 13, 2024. According to the report, the Company’s “stock plunged 75% in post-market trading Tuesday on news that the company plans to cut 21% of its workforce in the wake of a failed Phase 2 study for its drug candidate tildacerfont.” The report continues, “The biotech company said the study, called CAHmelia-203, failed to meet its primary endpoint and was being terminated as a result. The study had been evaluating tildacerfont in the treatment of adult classic congenital adrenal hyperplasia, or CAH, with severe hyperandrogenemia.” The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.