Inspired Entertainment (INSE) Admits to Understating Costs for Over Two Years – Hagens Berman
Hagens Berman, National Trial Attorneys, Encourages INSE Investors Who Suffered Substantial Losses to Contact Firm’s Attorneys Regarding Investigation into Possible Securities Law Violations
News provided byHagens Berman Sobol Shapiro LLP
Nov 20, 2023, 12:18 PM ET
SAN FRANCISCO, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Inspired Entertainment, Inc. (NASDAQ: INSE) investors who suffered substantial losses to submit your losses now.
Inspired Entertainment, Inc. (NASDAQ: INSE) Investigation:
The investigation focuses on the propriety of Inspired Entertainment’s previously filed financial statements.
More specifically, after markets closed on Nov. 8, 2023, Inspired announced that it did not comply with Generally Accepted Accounting Principles regarding capitalization of software development costs including “the timing of capitalization with respect to software development projects and the nature of costs eligible for capitalization.”
The company also said that, due to the above issue, investors should no longer rely on its previously issued annual financial statements for the years ended Dec. 31, 2021 and 2022, associated auditor reports, the interim quarterly reports for those years, and its quarterly reports filed on May 10 and Aug. 11, 2023.
In response, the price of Inspired shares fell sharply in after-hours trading on Nov. 8, 2023.
“We’re focused on investors’ losses and are investigating whether Inspired intentionally understated its expenses going back to its annual filing on March 31, 2022,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Inspired Entertainment and have substantial losses, or have knowledge that may assist the firm’s investigation, https://www.hbsslaw.com/investor-fraud/inse. »
Whistleblowers: Persons with non-public information regarding Inspired Entertainment should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email INSE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895
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