Inspirato Incorporated Class Action Lawsuit - ISPO
Case Summary
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The Inspirato class action lawsuit seeks to represent purchasers or acquirers of Inspirato Incorporated (NASDAQ: ISPO) publicly traded securities between May 11, 2022 and December 15, 2022, inclusive (the “Class Period”). Captioned Koch v. Inspirato Incorporated, No. 23-cv-00438 (D. Colo.), the Inspirato class action lawsuit charges Inspirato and certain of Inspirato’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Inspirato class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Inspirato class action lawsuit must be filed with the court no later than April 17, 2023.
CASE ALLEGATIONS: Inspirato is a luxury travel subscription-based company.
The Inspirato class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Inspirato’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”) could no longer be relied upon; (ii) 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”); and (iii) Inspirato 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 Form 10-Q for the quarter ended September 30, 2022 with the U.S. Securities and Exchange Commission by the required due date.
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%.
Then, 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%.
Finally, 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%, further damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Inspirato publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Inspirato class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Inspirato class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Inspirato class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Inspirato class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.