NEW YORK, Nov. 28, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Inspired Entertainment, Inc. (“Inspired” or the “Company”) (NASDAQ: INSE). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Inspired and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 8, 2023, Inspired announced that it did not comply with Generally Accepted Accounting Principles regarding capitalization of software development costs including “the timing of capitalization with respect to software development projects and the nature of costs eligible for capitalization.” As a result, Inspired advised investors that they should no longer rely upon the Company’s previously issued annual financial statements for the years ended December 31, 2021 and 2022, associated auditor reports, the interim quarterly reports for those years, and its quarterly reports filed on May 10 and August 11, 2023. Inspired also disclosed that “one or more additional material weaknesses exist in the Company’s internal control over financial reporting” and that the Company would restate its consolidated financial statements for the periods in question.
On this news, Inspired’s stock price fell $3.07 per share, or 29.52%, to close at $7.33 per share on November 9, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
