Inspirato, Inc. (ISPO) Restated its Previously Issued Financial Statements
A shareholder filed a class action on behalf of all persons or entities that purchased or otherwise acquired Inspirato, Inc. (NASDAQ: ISPO) securities between May 11, 2022 and December 15, 2022, for violations of the Securities Exchange Act of 1934. Inspirato purports to be a subscription-based luxury travel company that provides unique solutions for: (i) affluent travelers seeking superior service and certainty across a wide variety of accommodations and experiences; and (ii) hospitality suppliers who want to solve pain points that include monetizing excess inventory and efficiently outsourcing the hassle involved in managing rental properties.
According to the complaint, defendants failed to disclose that the Company’s unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2022 and June 30, 2022, included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) could no longer be relied upon. Moreover, 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, with the SEC by the required due date.
As these disclosures became public, beginning on November 14, 2022, the Company’s stock began to decline precipitously, injuring investors.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Inspirato. Shareholders who want to act as lead plaintiff for the class must file their papers by April 17, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses
