Case Summary

Inspire Medical

NYSE: INSP

Case Details

  • City of Hollywood Firefighters' Pension Fund v. Inspire Medical Systems, Inc. et al.
  • Class Period:May 03, 2023 - November 07, 2023
  • Date Filed:December 22, 2023
  • Jurisdiction:U.S. District Court, District of Minnesota
  • Docket Number: 0:23-cv-03884
  • Lead Plaintiff Deadline: February 20, 2024
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Overview

A class action lawsuit has been filed against Inspire Medical Systems, Inc., (“Inspire Medical” or the “Company”) (NYSE: INSP) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Inspire Medical’s common stock between May 3, 2023, and November 7, 2023, both dates inclusive (the “Class Period”) and investors have until February 20, 2024, to seek appointment as lead plaintiff of the Inspire Medical class action lawsuit.

Inspire Medical is a medical technology company that develops and commercializes minimally invasive products for patients with obstructive sleep apnea (“OSA”). The Company offers the only OSA device that has been approved by the Food and Drug Administration (“FDA”) for treatment of the root cause of sleep apnea by working inside the body with the patient’s natural breathing process. The Company calls the treatment, which includes an implantable device, “Inspire therapy.

The lawsuit alleges that throughout the Class Period, Defendants misled investors and/or 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; (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 financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

The truth emerged after the close of markets on November 7, 2023, when the Company announced disappointing earnings results for the third quarter of 2023, including “a decline in prior authorization submissions for patients seeking Inspire therapy.” Inspire Medical further admitted it had started to “track” problems with the Acceleration Program no later than the second quarter of 2023, the Company “had strong confirmation” of the problems with the Acceleration Program, and the Company “realized we needed to take some corrective action.” In response to this news, shares of Inspire Medical declined approximately 20%, from a closing price of $161.74 per share on November 7, 2023, to a closing price of $129.95 per share on November 8, 2023.

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If you purchased or otherwise acquired Inspire Medical (NYSE: INSP) common stock between May 3, 2023, and November 7, 2023, inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Inspire Medical lawsuit is February 20, 2024.

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