NEW YORK, February 4, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Inspirato Incorporated (“Inspirato” or the “Company”) (NASDAQ: ISPO).
If you have incurred losses exceeding $50,000 invest in Inspirato stocks or options and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly To 877-247-4292 Or 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/ISPO.
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Faruqi & Faruqi is a leading national minority and women-owned securities law firm, with offices in new York, Pennsylvania, California And Georgia.
On November 14, 2022Inspirato disclosed in a filing with the United States Securities and Exchange Commission (“SEC”) that “[o]not November 8, 2022the audit committee (the “Audit Committee”) of the board of directors of Inspirato Incorporated (the “Company”) has concluded, after discussion with the management of the Company, that the unaudited condensed consolidated financial statements of the Company for the quarterly periods ended March 31, 2022 And June 30, 2022 (collectively, the “Non-Dependency Periods”) included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) for the Non-Dependency Periods, shall no longer be relied upon.
This is due to the incorrect application of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (“ASC 842”) with respect to the measurement of assets and liabilities related to the right of use, resulting in an understatement of right-of-use assets and total lease liabilities by approximately 9% for each of the non-dependency periods, resulting in an understatement of total assets and total lease liabilities. total liabilities by approximately 5% for each of the non-dependency periods, and due to real estate and other expenses being under-discounted in Q1 and over-accumulated in Q2, resulting in a product cost understatement of approximately 1% and an overstatement of approximately 5% in the first and second quarters, respectively. Similarly, all previously issued or filed reports, press releases, earnings releases and investor presentations or other communications describing the Company’s unaudited condensed consolidated financial statements and other related financial information covering the unaudited periods. dependency should no longer be invoked. »
At this news, Inspirato’s share price plummeted. $0.27 per share, or 11.89%, to close at $2.00 per share on November 14, 2022.
Then, on November 23, 2022Inspirato disclosed that it has received “a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is in breach of the periodic filing requirements for the continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the “Rule”) due to its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the “Report third quarter”) with the Securities and Exchange Commission (the “SEC”) prior to the required due date. The notice stated that, in accordance with Nasdaq rules, the company has 60 calendar days, or until January 17, 2023, to submit a plan to restore compliance with Nasdaq’s continuous listing. requirements.”
At this news, Inspirato’s share price plummeted. $0.06 per share, or 3.21%, to close at $1.81 per share on November 25, 2022.
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