Boston, Massachusetts--(Newsfile Corp. - February 21, 2023) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Inspirato Incorporated ("Inspirato" or the "Company") (NASDAQ: ISPO), a subscription-based luxury travel company. On February 16, 2023, a securities class action lawsuit was filed in U.S. District Court in the District of Colorado "on behalf of persons or entities who purchased or otherwise acquired publicly traded Inspirato securities between May 11, 2022 and December 15, 2022, inclusive" (the "Class Period").
How to Seek Appointment as Lead Plaintiff
If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than April 17, 2023. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.
If you sustained significant losses from your transactions in Inspirato securities during the Class Period, greater than $50,000, and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.
About the Lawsuit
The recently filed complaint alleges that: "Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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); (3) 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 (4) 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."
The complaint further alleges that "[a]s a result of Defendants' wrongful acts and omissions and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages."
No Responsibility for Attorney's Fees or Expenses
Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.
About Berman Tabacco
Berman Tabacco is one of the country's highly ranked class action law firms representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who's Who Legal, and Super Lawyers.
The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Past results do not guarantee future outcomes.
Contact:
Berman Tabacco
Islam Aly, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155307
