INSP - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Inspire Medical Driven Maison Solutions and Dada and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Inspire Medical Systems, Inc. (NYSE:INSP), Driven Brands Holdings, Inc. (NASDAQ:DRVN), Maison Solutions Inc. (NASDAQ:MSS), and Dada Nexus Ltd. ADR (NASDAQ:DADA). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Inspire Medical Systems, Inc. (NYSE:INSP)
Class Period: May 3, 2023 - November 7, 2023 (Common Stock Only)
Lead Plaintiff Deadline: February 20, 2024
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. 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, 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 are using the tool right now."
The Class Action alleges that, during the Class Period, Defendants misled investors and/or failed to disclose that: (1) despite the Acceleration Program, customers were encountering challenges with the prior authorization submission process, including with the scheduling of appointments; (2) a slowdown in prior authorization submissions arising from these challenges led to a shortfall of hundreds of procedures to implant the Company's OSA device; and (3) as a result, Defendants' positive statements about the Company's financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
After the close of markets on November 7, 2023, the Company announced disappointing earnings results for the third quarter of 2023, including "a decline in prior authorization submissions for patients seeking Inspire therapy." Inspire Medical further admitted it had started to "track" problems with the Acceleration Program no later than the second quarter of 2023, the Company "had strong confirmation" of the problems with the Acceleration Program, and the Company "realized we needed to take some corrective action." In response to this news, shares of Inspire Medical declined approximately 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.
For more information on the Inspire Medical class action go to: https://bespc.com/cases/INSP
Driven Brands Holdings, Inc. (NASDAQ:DRVN)
Class Period: October 27, 2021 - August 1, 2023 (Common Stock Only)
Lead Plaintiff Deadline: February 20, 2024
Driven is the largest automotive services company in North America. Through its ...