The law firm of Kirby McInerney LLP continues its investigation on behalf of Inspired Entertainment, Inc. (“Inspired Entertainment” or the “Company”) (NASDAQ:INSE) investors concerning the Company’s possible violation of the federal securities laws and/or engagement in other unlawful business practices.
[LEARN MORE ABOUT THE INVESTIGATION]
On November 8, 2023, Inspired Entertainment, Inc., a gaming technology company, announced that it had discovered accounting errors in its financial statements dating back to January 1, 2021, primarily related to the capitalization of software development costs under U.S. GAAP standards. These errors required the company to restate its financial results for these periods, and thus, Inspired Entertainment delayed releasing its third-quarter 2023 financial results to address the issue. The Audit Committee of the Board of Directors of the Company then determined that the Company’s financial statements, including press releases, earnings statements, investor presentations, and issued reports, made January 1, 2021, and onwards, should no longer be relied upon and require restatement. A broader review of the company’s accounting practices is underway, with input from its current independent accounting firm, though the extent of further adjustments remains unclear.
On this news, the price of Inspired Entertainment shares declined by $3.07, or approximately 29.52%, from $10.40 per share on November 8, 2023, to close at $7.33 on November 9, 2023.
If you purchased or otherwise acquired Inspired Entertainment securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
