SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Inspire Medical Systems, Inc. - INSP
NEW YORK, Dec. 28, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Inspire Medical Systems, Inc. ("Inspire Medical" or the "Company") (NYSE: INSP). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Inspire Medical and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On November 7, 2023, Inspire Medical issued a press release announcing disappointing earnings results for the third quarter of 2023—its first reported revenue miss since becoming a public company in 2018. In the press release, the Company's Chief Executive Officer ("CEO") advised that in tracking the results of the Company's pilot program (the "Acceleration Program"), which was designed to facilitate customers' receiving prior authorizations from doctors for the Company's products and, in turn, increase demand for the Company's "Inspire therapy" implantable device, "we observed a decline in prior authorization submissions for patients seeking Inspire therapy.
After recognizing this trend, we reinvigorated our efforts to facilitate patient access to Inspire therapy by more closely engaging with our customers with the prior authorization submission process . . . to assure consistency and accuracy of submissions."
Further, Inspire Medical admitted that it had started to "track" problems with the Acceleration Program in the second quarter of 2023, including a decrease in the number of prior authorization submissions for the Inspire therapy, and "recogniz[ed] this trend early in the third quarter"—i.e., as early as July 1, 2023. Indeed, the Company's CEO explained that prior to the Company's second quarter 2023 earnings call on August 2, 2023, "we had strong confirmation" of the problems with the Acceleration Program, and "we realized we needed to take some corrective action."
On this news, Inspire Medical's stock price fell $31.79 per share, or nearly 20%, to close at $129.65 per share on November 8, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article