A securities class action has been filed in the USDC – CO. against Inspirato Incorporated (ISPO) on behalf of purchasers of the securities of Inspirato Incorporated (NASDAQ: ISPO) between May 11, 2022 through December 15, 2022.
The Complaint alleges that the Defendants made materially false and/or misleading statements and/or failed to disclose that:
- the Company’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’) included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the ‘SEC’) for the Non-Reliance Periods, could no longer be relied upon;
- the Quarterly Reports could no longer be relied upon due to the incorrect application of Accounting Standards Update 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 as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the ‘Third Quarter Report’) with the Securities and Exchange Commission (the ‘SEC’) by the required due date; and
- as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Inspirato securities during the Class Period and would like to join the action or receive more information, please enter your contact information below and click “Submit Your Information”
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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