NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Inspirato Incorporated (NASDAQ: ISPO) (“Inspirato” or the “Company”) for violations of the federal securities laws on behalf of investors who purchased or otherwise acquired Inspirato securities between May 11, 2022 to December 15, 2022, both dates inclusive (the “Class Period”).
On February 16, 2023, a complaint was filed against Inspirato and certain of its officers alleging that the Company violated the federal securities laws. The Complaint alleges that the Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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); (3) 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 by the required due date; and (4) 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.
When investors learned the truth, Inspirato’s common stock declined precipitously, injuring investors.
If you suffered a loss in Inspirato’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7234 or via email at investigations@lowey.com.
Any investor who wishes to serve as Lead Plaintiff must act before April 17, 2023.
About Lowey Dannenberg
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 recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
