Inspire Medical Systems, Inc. (INSP) Misled Investors Regarding Issues with its Acceleration Program
A shareholder filed a class action on behalf of all persons or entities who purchased of Inspire Medical Systems, Inc. (NYSE: INSP) common stock between May 3, 2023 and November 7, 2023. Inspire Medical is a medical technology company that develops and commercializes minimally invasive products for patients with obstructive sleep apnea (“OSA”).
According to the complaint, during the class period, defendants failed to disclose that: (1) despite the Acceleration Program, customers were encountering challenges with the prior authorization submission process, including with the scheduling of appointments; and (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.
On November 7, 2023, Inspire Medical issued its results for the third quarter of 2023, acknowledging a decline in prior authorization submissions for patients seeking Inspire therapy. On this news, the price of Inspire Medical’s shares dropped $31.79 per share, or more than 19.6%, from a closing price of $161.74 per share on November 7, 2023, down to a closing price of $129.95 per share on November 8, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Inspire Medical Systems, Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by February 20, 2024. 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. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
