Inspire Medical Systems, Inc.
| Company Name | Inspire Medical Systems, Inc. |
| Stock Symbol | INSP |
| Class Period | May 03, 2023 to November 07, 2023 |
| Lead Plaintiff Motion Deadline | February 20, 2024 |
On November 7, 2023, after the market closed, Inspire Medical reported disappointing earnings results for the third quarter of 2023, admitting that it had been tracking problems with its pilot Advisor Care “Acceleration Program,” noting a decrease in the number of prior authorization submissions for Inspire therapy.
On this news, Inspire Medical’s stock price fell $31.79, or 19.8%, to close at $129.65 per share on November 8, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) despite the Acceleration Program, customers were encountering challenges with the prior authorization submission process, including with the scheduling of appointments; (2) a slowdown in prior authorization submissions arising from these challenges led to a shortfall of hundreds of procedures to implant the Company’s OSA device; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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