Bala Cynwyd, Pennsylvania--(Newsfile Corp. - April 12, 2024) - Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Inspire Medical Systems, Inc. ("Inspire Medical" or the "Company") (NYSE: INSP) for possible breaches of fiduciary duty and other violations of federal and state law.
A securities fraud complaint was filed against Inspire Medical on behalf of investors who purchased shares of Inspire Medical between May 3, 2023 and November 7, 2023. According to the complaint, defendants failed to disclose that: (1) despite the Acceleration Program, customers were encountering challenges with the prior authorization submission process, including with the scheduling of appointments; and (2) a slowdown in prior authorization submissions arising from these challenges led to a shortfall of hundreds of procedures to implant the Company's OSA device. On November 7, 2023, Inspire Medical issued its results for the third quarter of 2023, acknowledging a decline in prior authorization submissions for patients seeking Inspire therapy.
On this news, the price of Inspire Medical's shares dropped $31.79 per share, or more than 19.6%, from a closing price of $161.74 per share on November 7, 2023, down to a closing price of $129.95 per share on November 8, 2023.
The investigation seeks to determine whether members of the Inspire Medical board of directors violated the securities laws and/or breached their fiduciary duties in connection with the allegations leveled in the complaint. If you have owned shares of Inspire Medical stock since prior to May 3, 2023, and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at clients@brodsky-smith.com, visit https://www.brodskysmith.com/cases/inspire-medical-systems-inc-nyse-insp/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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