Inspire Medical Systems, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of those who acquired Inspire Medical Systems, Inc. (“Inspire Medical” or the “Company”) (NYSE: INSP) securities during the period from May 3, 2023 through November 7, 2023, inclusive. Investors have until February 20, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 7, 2023, Inspire Medical announced disappointing earnings results for the third quarter of 2023, including a decline in prior authorization submissions for patients seeking Inspire therapy. Inspire Medical further admitted it had started to track problems with its pilot Acceleration Program no later than the second quarter of 2023, the Company had strong confirmation of the problems with the Acceleration Program, and the Company realized it needed to take some corrective action. On this news, the price of Inspire Medical shares declined by $31.79 per share, or approximately 19.66%, from $161.74 per share to close at $129.95 on November 8, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) despite the Acceleration Program, customers were encountering challenges with the prior authorization submission process, including with the scheduling of appointments; (ii) a slowdown in prior authorization submissions arising from these challenges led to a shortfall of hundreds of procedures to implant the Company’s obstructive sleep apnea device; and (iii) as a result, Defendants’ positive statements about the Company’s financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 7, 2023, Inspire Medical announced disappointing earnings results for the third quarter of 2023, including a decline in prior authorization submissions for patients seeking Inspire therapy. Inspire Medical further admitted it had started to track problems with its pilot Acceleration Program no later than the second quarter of 2023, the Company had strong confirmation of the problems with the Acceleration Program, and the Company realized it needed to take some corrective action. On this news, the price of Inspire Medical shares declined by $31.79 per share, or approximately 19.66%, from $161.74 per share to close at $129.95 on November 8, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) despite the Acceleration Program, customers were encountering challenges with the prior authorization submission process, including with the scheduling of appointments; (ii) a slowdown in prior authorization submissions arising from these challenges led to a shortfall of hundreds of procedures to implant the Company’s obstructive sleep apnea device; and (iii) as a result, Defendants’ positive statements about the Company’s financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.