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INSP.US
id: 921

Inspire Medical Systems (INSP) Acceleration Program Case

D. Minnesota
Court
0:23-cv-03884
Case number
05/03/20
Class period Start
11/07/2023
Class period End
02/20/2024
Lead Plaintiff motion deadline
  • In November, Inspire Medical Systems reported disappointing results and admitted problems with the Acceleration Program.
  • On it, $INSP fell ~ 20%, losing $930M of shareholder value.
  • Big pension fund already filed the initial claim vs. Inspire in Minnesota court.
On November 7, 2023, Inspire Medical Systems (INSP) announced disappointing earnings results for Q3 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 Q2 2023.
  • The Company “had strong confirmation” of the problems with the Acceleration Program, and the Company “realized we needed to take some corrective action.”
On these disclosures, $INSP fell almost 20% and lost over $930 million of its market capitalization, seriously damaging shareholders.
  • In 2022, Inspire introduced the Acceleration Program through which the Company’s Advisor Care Program team, with the customer on the phone, would directly access doctors’ electronic schedules and schedule doctor appointments online, without the need for phone calls.
  • Inspire touted the Acceleration Program’s effectiveness, claiming that the program had achieved a “30% improvement in physician appointments,” and that by August 2023, “about 60-plus centers are using the tool right now.”
Considering all the representations, Investors have reasons to suspect that Inspire and its Executives were lying and hiding the real state of its the Acceleration Program’s effectiveness which consequently damaged $INSP shareholder value. One of the affected investors, City of Hollywood Firefighters' Pension Fund, has already filed the initial claim vs. Driven vs. Inspire in Minnesota court.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/08/2023
Filing date
12/22/2023
Lead Plaintiff Deadline
02/20/2024
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