A GUIDE FOR shareholders in the INSPIRE MEDICAL SYSTEMS LAWSUIT on SECURITIES CLASS ACTIONS

If you suffered losses in Inspire Medical Systems stock, contact Inspire Medical Systems stock loss lawyer Timothy L. Miles today 

INTRODUCTION TO SECURITIES CLASS ACTIONS

Contact us about an Inspire Medical Systems class action lawsuit if you suffered losses in Inspire Medical Systems stock

​Securities class actions like the Inspire Medical Systems class action lawsuit are legal proceedings that provide a means for investors to seek compensation when they believe they have been harmed by misleading or false information provided by a company. These lawsuits are typically filed on behalf of a class of investors who have suffered losses due to the alleged misconduct of the company or its executives. In this comprehensive guide, we will delve into the Inspire Medical Systems class action lawsuit, exploring its background, key allegations, parties involved, legal process, potential impact, similarities and differences with other class action lawsuits, as well as recent updates and developments in the case.

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OVERVIEW OF THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT

​The Inspire Medical Systems class action lawsuit revolves around allegations of securities fraud and violations of federal securities laws. Driven Brands is a medical equipment manufacturing company that, according to the company, "has developed the world’s first fully implanted neurostimulation device approved by the FDA for the treatment of Obstructive Sleep Apnea (OSA). The Inspire Medical Systems lawsuit alleges that the company made false and misleading statements regarding its business operations and financial performance. These alleged misrepresentations and omissions are said to have artificially inflated the company's stock price, causing investors to suffer significant financial losses when the truth eventually emerged.

BACKGROUND OF INSPIRE MEDICAL SYSTEMS

Inspire Medical Systems, Inc., a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. Inspire Medical Systems offers the only obstructive sleep apnea (“OSA”) device that has been approved by the Food and Drug Administration (“FDA”) for treatment of the root cause of sleep apnea by working inside the body with the patient’s natural breathing process. Inspire Medical Systems calls the treatment “Inspire therapy.”  The company's stock trades on the New York Stock Exchange under the ticker symbol "INSP."  Inspire Medical Systems was incorporated in 2007 and is headquartered in Golden Valley, Minnesota.​

KEY ALLEGATIONS IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT

​Inspire Medical Systems offers the only obstructive sleep apnea (“OSA”) device that has been approved by the Food and Drug Administration (“FDA”) for treatment of the root cause of sleep apnea by working inside the body with the patient’s natural breathing process.  Inspire Medical Systems calls the treatment “Inspire therapy.”  For patients to receive insurance coverage for Inspire therapy, they are required to visit a doctor to secure prior authorization.  Inspire Medical Systems maintains an Advisor Care Program team to assist with this process, including the scheduling of appointments, which was historically handled through telephone calls with physician offices.  In 2022, Inspire Medical Systems introduced a pilot program (the “Acceleration Program”), through which Inspire Medical Systems’ 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.

The Inspire Medical Systems class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose problems with the Acceleration Program, including a decrease in the number of prior authorization submissions for Inspire therapy.

​The Inspire Medical Systems class action lawsuit alleges that investors learned the truth on November 7, 2023 when Inspire Medical Systems announced disappointing earnings results for the third quarter of 2023, its first reported revenue miss since becoming a public company in 2018.  Specifically, the Inspire Medical Systems class action lawsuit further alleges that the company revealed 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 therapy, and “recogniz[ed] this trend early in the third quarter,” ­i.e., as early as July 1, 2023.  On this news, the price of Inspire Medical Systems’ stock fell by nearly 20%, according to the complaint.

PARTIES INVOLVED IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT

​The Inspire Medical Systems class action lawsuit involves several key parties. The lead plaintiff (yet to be appointed by the court), or the representative of the class of investors, is typically an individual or institutional investor who has suffered financial losses as a result of the alleged misconduct. The lead plaintiff will be represented by a law firm skilled in securities litigation. On the defendant's side, Inspire Medical Systems and certain of its current executives are named as defendants in the Inspire Medical Systems lawsuit. These individuals include senior executives who were responsible for the company's financial reporting and disclosures during the relevant period.​

THE STAGES TO THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT

​​Securities fraud class actions go through a series of stages. In the Inspire Medical Systems lawsuit, the various steps to the lawsuit would be as follows:

• Consolidation of all related cases and the appointment of a lead plaintiff.
• Lead Plaintiff's filing of a consolidated complaint.
• Defendants' motion to dismiss.
• Class certification.
• Discovery.
• Settlement talks and most likely mediation.
• Motions for summary judgment.
• Trial.
• Appeal.

POTENTIAL IMPACT ON INSPIRE MEDICAL SYSTEMS AND ITS SHAREHOLDERS

​The outcome of the Inspire Medical Systems lawsuit could have significant implications for the company and its shareholders. If the allegations are proven to be true, Inspire Medical Systems may face substantial financial penalties, including damages awarded to the class of investors, as well as potential fines imposed by regulatory authorities. Moreover, the reputational damage resulting from the lawsuit could erode consumer trust and investor confidence in the company, leading to a decline in sales and stock prices. On the other hand, if Inspire Medical Systems successfully defends itself against the allegations, it could help restore investor confidence and strengthen the company's position in the market.

SIMILARITIES AND DIFFERENCES WITH OTHER CLASS ACTION LAWSUITS

​While each class action lawsuit is unique, there are often similarities and differences that can be observed across cases. One key similarity is the underlying legal framework governing securities class actions, which is designed to protect investors and hold companies accountable for their actions. However, the specific allegations and circumstances of each case can vary significantly. In the case of the Inspire Medical Systems class action lawsuit, the allegations of accounting irregularities and false statements are reminiscent of other high-profile securities fraud cases. However, the unique aspects of Inspire Medical Systems' business model and industry dynamics may present distinct challenges and considerations in the litigation process.

UPDATES AND DEVELOPMENTS IN THE CASE

​Since the case is in its infancy having only been recently filed, there have not been any major developments. However, one major development will be happening soon.  When a securities class action is filed such as the Inspire Medical Systems class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Inspire Medical Systems class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published. ​Lead plaintiff motions for the Inspire Medical Systems class action lawsuit must be filed with the court no later than February 20, 2024. Afterward, the court will consolidate all related cases and then issue a ruling appointing a lead plaintiff(s) and we will know who will be leading the charge for the plaintiffs in the Inspire Medical Systems lawsuit. The next major development will most likely be the filing of the defendant's motion to dismiss. ​

CONCLUSION AND KEY TAKEAWAYS

​Securities class actions, such as the Inspire Medical Systems lawsuit, serve an important role in holding companies accountable for their actions and providing a means for investors to seek compensation for their losses. These lawsuits can have significant financial and reputational implications for the companies involved, as well as their shareholders. As the legal process unfolds, investors need to stay informed and consider the potential impact on their investment portfolios. Additionally, companies should take note of the allegations raised in the Inspire Medical Systems lawsuit and strive to maintain transparency, integrity, and compliance with applicable laws and regulations. By doing so, they can mitigate the risk of facing similar legal challenges in the future.

CONTACT AN INSPIRE MEDICAL SYSTEMS STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN INSPIRE MEDICAL SYSTEMS STOCK ABOUT AN INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT

​If you suffered losses in Inspire Medical Systems stock, contact Inspire Medical Systems stock loss lawyer Timothy L. Miles​ today for a free case evaluation about an Inspire Medical Systems class action lawsuit. Call today and see what an Inspire Medical Systems stock loss lawyer could do for you if you suffered losses in Inspire Medical Systems stock.  The call is free and so is the fee unless we will or settle your case. 

The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846–6529
​Email: [email protected]

Inspire Medical Systems stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors,  shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,​Class Action:  Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022).  Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529
​Email: [email protected]