If you suffered losses in Inspire Medical Systems stock, contact Inspire Medical Systems stock loss lawyer Timothy L. Miles
INTRODUCTION TO THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT![]()
The Inspire Medical Systems class action lawsuit seeks to represent purchasers of Inspire Medical Systems, Inc. (NYSE: INSP) common stock between May 3, 2023 and November 7, 2023, inclusive (the “Class Period”). Captioned City of Hollywood Firefighters’ Pension Fund v. Inspire Medical Systems, Inc., No. 23-cv-03884 (D. Minn.), the Inspire Medical Systems class action lawsuit charges Inspire Medical Systems and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in Inspire Medical Systems stock and wish to serve as lead plaintiff in the Inspire Medical Systems class action lawsuit , or if you just have general questions about your rights as a shareholder, please contact Inspire Medical Systems Stock Loss Lawyer Timothy L. Miles for no charge by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the Inspire Medical Systems class action lawsuit must be filed with the court no later than January 16, 2024. In this ultimate guide, we will discuss all of your rights and options as a shareholder in the Inspire Medical Systems class action lawsuit the 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. WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT?![]()
First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the Inspire Medical Systems class action lawsuit and file your own separate lawsuit. Note, that if you opt out, you will not be able to participate in any settlement or recovery obtained in the Inspire Medical Systems class action lawsuit.
IF I RECEIVE A SETTLEMENT FROM FINRA CAN I STILL PARTICIPATE IN THE INSPIRE MEDICAL SYSTEMS LAWSUIT?
Yes, the acceptance of restitution or compensation from a FINRA regulatory settlement does not waive your right to monetary or other benefits through the courts, arbitration, or mediation. Therefore, even if you received a settlement from FINRA, you can still participate in the Inspire Medical Systems lawsuit.
WHAT IS A SECURTIES FRAUD CLASS ACTION?
A securities fraud class action refers to a legal action taken by a group of investors who have suffered financial losses as a result of fraudulent activities committed by a company or its executives. This type of lawsuit is typically filed when a company misrepresents or withholds important information from investors, leading to a decline in the value of their investments. The purpose of a securities fraud class action is to seek compensation for the affected investors and hold the company accountable for its fraudulent practices. Securities fraud class actions are governed by the Private Securities Litigation Reform Act (PSLRA).
One notable securities fraud class action lawsuit is the Inspire Medical Systems class action lawsuit. In this case, investors who purchased Inspire Medical Systems securities alleged that the company made false and misleading statements and misled investors, and when the truth was ultimately disclosed, they suffered losses from purchasing shares that had been artificially inflated by the false and misleading information. Securities fraud class actions are typically initiated by a lead plaintiff or a group of lead plaintiffs who represent the interests of all the affected investors. The lead plaintiff is often an institutional investor or a large shareholder who has suffered substantial losses and possesses the resources and expertise to effectively pursue the lawsuit on behalf of the class. The lead plaintiff's role is crucial in coordinating with legal counsel, gathering evidence, and making strategic decisions throughout the litigation process. To proceed with a securities fraud class action, the lead plaintiff must demonstrate that there is a common issue of law or fact among the members of the class and that a class action is the most efficient and appropriate method for resolving their claims. If these requirements are met, the court will certify the lawsuit as a class action, allowing all eligible investors to participate in the litigation and share in any potential recovery. Once certified, the securities fraud class action typically goes through several stages, including discovery, where both parties exchange relevant documents and information, and motion practice, where each side presents legal arguments to the court. If the case does not settle during these stages, it may proceed to trial, where a jury or judge will determine liability and damages. In securities fraud class actions, the defendants are usually the company accused of fraud and its executives who were involved in the fraudulent activities. The lead plaintiff seeks damages on behalf of all class members, which may include compensation for their financial losses, interest, attorneys' fees, and other costs incurred throughout the litigation process. In conclusion, a securities fraud class action is a legal mechanism used by investors to seek compensation for financial losses resulting from fraudulent activities committed by a company. The Inspire Medical Systems class action lawsuit serves as an example of how investors can hold companies accountable for their alleged misrepresentations and omissions. These lawsuits play an essential role in protecting investor rights and promoting transparency in the financial markets. WHAT IS THE PSLRA AND HOW DOES IT EFFECT THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT?
The Inspire Medical Systems class action lawsuit is governed by the PSLRA. The PSLRA is a landmark legislation enacted in 1995 and aims to protect investors from baseless lawsuits while still allowing legitimate claims such as the Inspire Medical Systems class action lawsuit to proceed. This act has had a significant impact on the securities litigation landscape, shaping the way class actions are brought and resolved.
One of the key provisions of the PSLRA is the requirement for plaintiffs to provide specific and particularized facts when alleging a misrepresentation or omission in a securities fraud case. Plaintiffs in the Inspire Medical Systems class action lawsuit must state with particularity the facts giving rise to a strong inference that the defendant acted with fraudulent intent. Another important aspect of the PSLRA is the provision for a stay of discovery pending the resolution of any motions to dismiss the Inspire Medical Systems class action lawsuit. This means that defendants have the opportunity to challenge the sufficiency of the complaint filed in the Inspire Medical Systems class action lawsuit before engaging in discovery, with some limited exceptions. Perhaps most relevant at this stage of the proceedings, is that the PSLRA also requires courts to appoint lead plaintiffs and lead counsel in securities class actions such as the Inspire Medical Systems class action lawsuit. This ensures that investors with the largest financial stake in the litigation are represented and have control over important decisions, such as settlement negotiations. The lead plaintiff must meet certain criteria, including having made a timely request to be appointed as lead plaintiff and having the largest financial interest in the relief sought by the class. WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT?
The lead plaintiff deadline in the Inspire Medical Systems class action lawsuit is fast approaching, and investors who wish to participate in the case must act promptly. A securities class action lawsuit is a legal proceeding in which a group of investors who have suffered financial losses due to alleged fraudulent or misleading activities by a company join forces to seek compensation. In this case Inspire Medical Systems and certain of its executives are accused of making false and misleading statements about its business prospects as well as filing false and misleading financial statements. The lead plaintiff deadline is the date by which an investor must file a motion with the court to be appointed as the lead plaintiff in the class action lawsuit.
Pursuant to the PSLRA, 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. The PSLRA then requires anyone who wants to be lead plaintiff on behalf of the class in the Inspire Medical Systems class action lawsuit thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published. WHAT IS THE APPOINTMENT OF LEAD PLAINTIFFS UNDER THE PSLRA?
Under the PSLRA, the appointment of lead plaintiffs in securities class action lawsuits is a critical step in the litigation process. One of the key provisions of the PSLRA is the requirement for the court to appoint a lead plaintiff to represent the interests of the class members in the Inspire Medical Systems class action lawsuit. This appointment is made within 90 days of the filing of the Inspire Medical Systems class action lawsuit, and the lead plaintiff is responsible for overseeing the litigation on behalf of all other class members.
The appointment of lead plaintiffs serves several important purposes. First and foremost, it ensures that the interests of the class members in the Inspire Medical Systems class action lawsuit are adequately represented in the litigation. By appointing a lead plaintiff who has a financial stake in the outcome of the Inspire Medical Systems class action lawsuit, the court can be confident that the litigation will be pursued diligently and in a manner that maximizes recovery for all class members. Additionally, having a lead plaintiff who is actively involved in the Inspire Medical Systems class action lawsuit allows for efficient coordination and communication between class members and their legal counsel. To be eligible for appointment as a lead plaintiff in the Inspire Medical Systems class action lawsuit, an individual or entity must meet certain criteria as outlined in the PSLRA. These criteria include having the largest financial interest in the relief sought by the class and being able to adequately represent the class members' interests. The PSLRA also requires potential lead plaintiffs to submit a certification stating that they are willing to serve as lead plaintiffs and that they will not accept any payment or settlement that is inconsistent with the interests of the class. In conclusion, the appointment of lead plaintiffs under the PSLRA is a crucial step in securities class action lawsuits. It ensures that the interests of class members are adequately represented and allows for efficient coordination and communication between class members and their legal counsel. By setting forth specific criteria for eligibility, the PSLRA aims to select lead plaintiffs who have a financial stake in the outcome of the case and are committed to pursuing maximum recovery for all class members. WHAT IS THE LEAD PLAINTIFF APPOINTMENT PROCESS UNDER THE PSLRA?
The PSLRA established certain procedures for appointing the lead plaintiff. For example, each plaintiff who moves to become the lead plaintiff must provide a sworn certification that:
The court must appoint the lead plaintiff that has the largest financial interest in the relief sought by the class, as determined by the court, and otherwise satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure. This presumption can be rebutted only if a purported class member proves that the presumptively most adequate plaintiff (1) will not be able to fairly and adequately protect the interests of the class or (2) is subject to unique defenses that render them incapable of adequately representing the class. CAN A NON-U.S. INVESTOR SERVE AS LEAD PLAINTIFF IN THE INSPIRE MEDICAL SYSTEMS LAWSUIT IF THEY SUFFERED LOSSES IN INSPIRE MEDICAL SYSTEMS STOCK?
Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in Inspire Medical Systems, they may move the Court to be appointed lead plaintiff in the Inspire Medical Systems lawsuit.
WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE INSPIRE MEDICAL SYSTEMS LAWSUIT?
Serving as a Lead Plaintiff in the Inspire Medical Systems lawsuit has several advantages and important benefits including:
Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against Inspire Medical Systems if you suffered losses in Inspire Medical Systems stock. WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE INSPIRE MEDICAL SYSTEMS LAWSUIT?
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Inspire Medical Systems lawsuit Some of the responsibilities of the Lead Plaintiff in the Inspire Medical Systems lawsuit include:
CAN I BE APPOINTED LEAD PLAINTIFF IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT IF I PURCHASED SHARES OUTSIDE OF THE CLASS PERIOD?
No. Even if you suffered losses in Inspire Medical Systems stock, if you purchased securities outside of the Class period, you will not be able to participate in the Inspire Medical Systems class action lawsuit.
WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT SETTLES?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Inspire Medical Systems class action lawsuit.. Under the PSLRA, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Inspire Medical Systems class action lawsuit. lawsuit on behalf of investors who suffered losses in Inspire Medical Systems stock.
CAN I BE LEAD PLAINTIFF IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT IF I AM LEAD PLAINTIFF IN ANOTHER CASE?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Inspire Medical Systems stock, you may move to be appointed lead plaintiff in the Inspire Medical Systems class action lawsuit.
HOW DO I KNOW IF I AM A MEMBER OF THE CLASS IN THE INSPIRE MEDICAL SYSTEMS CLASS ACTION LAWSUIT?
If you purchased shares during the class period and suffered losses in Inspire Medical Systems stock, then you are most likely a member of the class in the Inspire Medical Systems class action lawsuit and may participate in the Inspire Medical Systems class action lawsuit since you suffered losses in Inspire Medical Systems stock.
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.
Inspire Medical Systems stock loss lawyer Timothy L. MilesNashville 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); Americas 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. Comments are closed.
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