CLASS ACTION UPDATE: Law Office of Brodsky & Smith Reminds Investors of Deadline in Class Action Against Inspirato Incorporated (Nasdaq – ISPO)
BALA CYNWYD, March 2, 2023 /Newsfile/ – Law office of Brodsky & Smith reminds investors of the deadline to file regarding claims against Inspirato Incorporated (“Inspirato” or the “Company”) (Nasdaq – ISPO) for possible breaches of Federal Securities law. Inspirato is a luxury travel subscription-based company.
If you purchased or otherwise acquired shares of Inspirato between May 11, 2022 and December 15, 2022 (the “Class Period”), and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is April 17, 2023. You may contact Marc Ackerman, Esquire or Jason Brodsky, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, or call toll free 877-534-2590. There is no cost or obligation to you.
On November 14, 2022, Inspirato revealed that Inspirato’s financial statements previously filed during the Non-Reliance Periods should not be relied on due to an incorrect application of ASC 842. Inspirato also announced that it would not be able to file its Form 10-Q for the period ended September 30, 2022 within the required time.
On this news, the price of Inspirato stock declined more than 11%.
On November 23, 2022, Inspirato announced that it received a notice notifying Inspirato that it did not comply with Nasdaq Listing Rule 5250(c)(1) for continued listing because it had not filed its quarterly report on Form 10-Q for the quarter ended September 30, 2022.
On this news, the price of Inspirato stock declined more than 3%.
On December 15, 2022, Inspirato filed an amendment to its Form 10-Q for the quarter ended March 31, 2022 and revealed several material weaknesses.
On this news, the price of Inspirato stock declined more than 6%.
According to the filed complaint, throughout the Class Period, Inspirato made materially false and/or misleading statements and/or failed to disclose material adverse facts regarding the Company’s business, operations, and prospects, including: (1) the Company’s unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2022 and June 30, 2022 could no longer be relied upon; (2) the Quarterly Reports could no longer be relied upon due to the incorrect application of one or more Accounting Standards Update; and (3) the Company was not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 by the required due date.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.