NEW YORK, NY - 
(NewMediaWire) - January 04, 2024 - Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Inspire Medical Systems, Inc. (“Inspire Medical” or the “Company”) (NYSE: INSP) common stock between May 3, 2023 and November 7, 2023, inclusive (the “Class Period”). Click Here to Join the Action.
Inspire Medical is a medical technology company that develops and commercializes minimally invasive products for patients with obstructive sleep apnea (“OSA”) that require prior authorizations from doctors. According to the complaint, in 2022, Inspire Medical introduced a pilot program (the “Acceleration Program”) through which the Company’s Advisor Care Program team, with the customer on the phone, would directly access doctors’ electronic schedules and schedule doctor appointments online, without the need for phone calls. Throughout the Class Period, the complaint alleges Defendants touted the Acceleration Program’s effectiveness, claiming that the program had achieved a “30% improvement in physician appointments,” and that by August 2023, “about 60-plus centers” were using the tool “right now.”
The truth emerged after the close of markets on November 7, 2023, when the Company issued a press release with its results for the third quarter of 2023, including “a decline in prior authorization submissions for patients seeking Inspire therapy.” Further, the complaint alleges that Inspire Medical admitted that it had started to “track” problems with the Acceleration Program in the second quarter of 2023, including a decrease in the number of prior authorization submissions for Inspire Medical therapy.
Following to this news, shares of Inspire Medical common stock declined $31.79 per share, nearly 20%, from a closing price of $161.74 per share on November 7, 2023, to a closing price of $129.95 per share on November 8, 2023.
If you are a member of the proposed Class, you may move the court no later than February 20, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in complex litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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