Lawsuit filed for certain Investors who lost money with Inspirato Incorporated (NASDAQ: ISPO) shares

An investor, who purchased shares of Inspirato Incorporated (NASDAQ: ISPO), filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Inspirato Incorporated in connection with certain allegedly false and misleading statements made between May 11, 2022 and December 15, 2022.

If you purchased a significant amount of shares of Inspirato Incorporated (NASDAQ: ISPO) between May 11, 2022 and December 15, 2022, and / or if you purchased any NASDAQ: ISPO shares prior to May 2022 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 17, 2023. NASDAQ: ISPO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Denver, CO based Inspirato Incorporated operates as a subscription-based luxury travel company. On November 14, 2022, before trading hours, Inspirato Incorporated announced in a filing with the U.S. Securities and Exchange Commission ("SEC") that "[o]n November 8, 2022, the Audit Committee (the 'Audit Committee') of the Board of Directors of Inspirato Incorporated (the 'Company') concluded, after discussion with the Company's management, that the Company's unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2022 and June 30, 2022 (collectively, the 'Non-Reliance Periods') included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the 'SEC') for the Non-Reliance Periods, should no longer be relied upon."

Then, on November 23, 2022 Inspirato Incorporated disclosed receipt of "a notice (the 'Notice') from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq') notifying the Company that it is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the 'Rule') as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the 'Third Quarter Report') with the Securities and Exchange Commission (the 'SEC') by the required due date. The Notice stated that, under Nasdaq rules, the Company has 60 calendar days, or until January 17, 2023, to submit a plan to regain compliance with Nasdaq's continued listing requirements."

On December 15, 2022, after market hours, Inspirato Incorporated filed its Form 10-Q/A with U.S. Securities and Exchange Commission ("SEC") to amend its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, that was originally filed with the SEC on May 13, 2022.

Shares of Inspirato Incorporated (NASDAQ: ISPO) declined from $3.09 per share on September 12, 2022, to as low as $1.59 per share on December 12, 2022.

The plaintiff claims that between May 11, 2022 and December 15, 2022, the Defendants made materially false and/or misleading statements and/or failed to disclose that the Company's unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2022 and June 30, 2022 (collectively, the 'Non-Reliance Periods') included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the 'SEC') for the Non-Reliance Periods, could no longer be relied upon, that the Quarterly Reports could no longer be relied upon due to the incorrect application of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) ('ASC 842') with respect to the assessment of right-of-use assets and liabilities, resulting in an understatement of both right-of-use assets and total lease liabilities of approximately 9% for each of the Non-Reliance Periods resulting in an understatement of total assets and total liabilities by approximately 5% for each of the Non-Reliance periods, and due to property-related and other expenses being under accrued in the first quarter, and over accrued in the second quarter, resulting in cost of revenue being understated by approximately 1% and overstated by approximately 5% in the first and second quarter, respectively (similarly, any previously issued or filed reports, press releases, earnings releases, and investor presentations or other communications describing the Company's condensed consolidated unaudited financial statements and other related financial information covering the Non-Reliance Periods should no longer be relied upon), that the Company was not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the 'Rule') as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the 'Third Quarter Report') with the Securities and Exchange Commission (the 'SEC') by the required due date; and, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Inspirato Incorporated (NASDAQ: ISPO) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.