McCune Law Group Investigating Inspirato Incorporated (NASDAQ: ISPO) Over Misleading Statements
Inspirato Incorporated Allegedly Made Misleading Statements Regarding its Business, Operations, and Prospects.
McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC (MLG) is investigating the need to bring a lawsuit against Inspirato Incorporated (NASDAQ: ISPO) over allegations that Inspirato Incorporated made false and/or misleading statements that failed to disclose important financial information about their business, operations, and prospects. Unfortunately for investors, these false and/or misleading statements caused sever damages and losses. Investors have until April 17, 2023, to file a motion for appointment as lead plaintiff in this Inspirato Incorporated lawsuit. Investors with substantial losses Inspirato Incorporated shares purchased or acquired between May 11, 2022, and December 15, 2022, and who wish to serve as lead plaintiff should contact MLG.
Have you suffered losses because of a company’s misleading or false statements?
McCune Law Group Investigating Inspirato Incorporated Over Alleged Misleading/False Statements
McCune Law Group, McCune Wright Arevalo Vercoski Weck Brandt APC (MLG), is investigating the need to bring a class action lawsuit against Inspirato Incorporated (or “the Company”) alleging it made false and/or misleading statements that significantly damaged investors. The complaint, captioned Koch v. Inspirato Incorporated, brings claims againstInspirato Incorporated and certain of its executives based on its violations of the Securities Exchange Act of 1934 and is brought on behalf of all purchasers of Inspirato Incorporated common stock during the period of May 11, 2022, through December 15, 2022, inclusive (“Class Period”).
The Inspirato Incorporated lawsuit also alleges that the defendants throughout the class period made false and/or misleading statements and/or failed to disclose that (1) the Company’s unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2022 and June 30, 2022 (collectively, the ‘Non-Reliance Periods’) included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the ‘SEC’) for the Non-Reliance Periods, could no longer be relied upon; (2) the Quarterly Reports could no longer be relied upon due to the incorrect application of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (‘ASC 842’) with respect to the assessment of right-of-use assets and liabilities, resulting in an understatement of both right-of-use assets and total lease liabilities of approximately 9% for each of the Non-Reliance Periods resulting in an understatement of total assets and total liabilities by approximately 5% for each of the Non-Reliance periods, and due to property-related and other expenses being under accrued in the first quarter, and over accrued in the second quarter, resulting in cost of revenue being understated by approximately 1% and overstated by approximately 5% in the first and second quarter, respectively (similarly, any previously issued or filed reports, press releases, earnings releases, and investor presentations or other communications describing the Company’s condensed consolidated unaudited financial statements and other related financial information covering the Non-Reliance Periods should no longer be relied upon); (3) the Company was not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the ‘Rule’) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Third Quarter Report’) with the Securities and Exchange Commission (the ‘SEC’) by the required due date; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you have invested in Inspirato and have suffered significant damages due to their misleading and/or false statements, contact our Securities Litigation team of attorneys today by completing the form to arrange a free consultation. If you would like to file as lead plaintiff in this Inspirato class action lawsuit, you have until April 17, 2023.
Inspirato Class Action Lawsuit Alleges Statements Significantly Damaged Investors
Defendant Inspirato purports to be a subscription-based luxury travel company that provides unique solutions for: (1) affluent travelers seeking superior service and certainty across a wide variety of accommodations and experiences; and (2) hospitality suppliers who want to solve pain points that include monetizing excess inventory and efficiently outsourcing the hassle involved in managing rental properties.
On November 14, 2022, the Company filed its Form12b-25 with the SEC providing Notice of Late Filing, signed by the Company’s CFO Neighbor. On this news, Inspirator’s stock price fell by 11.89% to close at $2.00 per share on November 14, 2022.
On November 23, 2022, the Company filed its Form 8-K filed with SEC signed by CFO Neighbor, attaching a Press Release, disclosing the Company’s receipt of a Notice from the Listing Qualifications Department of NASDAQ. On this news, Inspirato’s stock price fell by 3.21%, to close at $1.81 per share on November 25, 2022.
On December 15, 2022, after market close, the Company filed its Form 10-Q/A with SEC to amend its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, that was originally filed with the SECon May 13, 2022, signed by CEO Handler and CFO Neighbor. On this news, Inspirato’s stock price fell by 6.58%, to close at $1.41 per share on December 16, 2022.
As a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
If you purchased shares of Inspirato during the period of May 11, 2022, through December 15, 2022, and have suffered significant losses due to the Company’s misleading statements, contact MLG by the April 17, 2023, lead plaintiff deadline.
How Do I Serve as a Lead Plaintiff in the Inspirato Class Action Lawsuit?
Please contact our Securities Litigation team of attorneys today. The filling process can become complicated, here is a general rundown of what to expect:
- Fill out our contact form with your information
- Set up your free consultation
- Meet with our securities litigation team
- Discuss your potential case
- Discuss your next steps
Contact our securities litigation team today if you have any questions regarding this class action lawsuit.
Handling This Investigation
Elaine S. Kusel, who joined McCune Law Group, Vercoski, Kusel, Weck, Brandt, APC, (MLG), in 2008 and leads the firm’s New Jersey office. As a nationally renowned class action attorney, she performs a significant role in the firm’s Consumer Fraud Class Action and Securities Litigation divisions.
After graduating from law school, her practice had included fraud litigation, mass torts, and international human rights law. Ms. Kusel has been integral to the successful recovery of multi-million-dollar settlements and verdicts for wronged consumers and investors.
Sherief Morsy joined the McCune Law Group, Vercoski, Kusel, Weck, Brandt, APC, (MLG), New Jersey office in 2020. His practice primarily focuses on consumer fraud class actions, Securities Litigation, and other complex litigation matters.
Prior to joining the firm, Mr. Morsy was a senior associate at a New York City law firm, whose practice focused on complex civil and class action litigation, including securities litigation, antitrust litigation, and consumer class actions. As he previously assisted investors in recovering their losses resulting from corporate securities fraud, he now focuses that experience at McCune Law Group in assisting people who have been victimized by deceptive business practices or other corporate wrongdoing.
McCune Law Group, McCune Wright Arevalo Vercoski Kusel Weck Brandt APC is responsible for this solicitation. The information provided on this website is for general information purposes only. The information you obtain is not, nor is it intended to be, legal advice. Use of this website or submission of the online form does not create an attorney-client relationship.
Counsel Richard McCune is licensed to practice only in the state of California. The law firm of McCune Law Group has attorneys licensed to practice law in AZ, CA, IL, MO, NJ, NY, and PA. This information section is not intended to be a solicitation for services in states where it is forbidden for non-barred attorneys from advertising for services, and McCune Law Group does not have attorneys barred in that state. McCune Law Group is a national firm that brings lawsuits in a majority of the states. In states where one of its attorneys are not barred, it does so by filing the complaint along with local counsel barred in that state.
The results discussed do not guarantee, warrant, or predict the results in future cases.