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id: 583, Created by Stan Vick Chase, Scout
Inspirato Incorporated (ISPO) Misleading Case
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- Join Inspirato Incorporated (ISPO) restated Q1 & Q2 2022 financial reports.
- Investors of ISPO suspect the Company, its Leaders, and/or Services Providers made financial misrepresentations which could lead to significant investment damages.
On December 15, 2022, Inspirato Incorporated (NASDAQ: ISPO) filed Form 10-Q/A to amend its Quarterly Reports on Form 10-Q for:
- the quarter ended on March 31, 2022, which was originally filed with the SEC on May 13, 2022, to restate certain items presented in the Original Repor,
- the quarter ended June 30, 2022, which was originally filed with the SEC on August 10, 2022,
to restate certain items presented in the Original Reports.
- 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);
- 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.
- Taking all representations and consequent facts into account, Investors have reasons to suspect the Company, its Leaders, and/or the Service providers of multiple misleading statements which could lead to significant investment damages.
Failure to Disclose,
Shock Event Date
15 December 2022