San Diego, CA -- (SBWire) -- 11/30/2023 --Inspired Entertainment, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Inspired Entertainment, Inc. (NASDAQ: INSE), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Inspired Entertainment, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
New York based Inspired Entertainment, Inc., a gaming technology company, engages in the supply of content, platform, and other products and services to regulated lottery, betting, and gaming operators worldwide. Inspired Entertainment, Inc. reported that its annual Total Revenue rose from $208.9 million in 2021 to $285.4 million in 2022, and that its Net Loss of $36.7 million in 2021 turned to a Net Income of $22.30 million in 2022.
On November 8, 2023, Inspired Entertainment, Inc. announced it would require additional time to complete financial statements for their third quarter of 2023 and restate certain previously issued financial statements. The press release stated, "[i]n connection with the preparation of the financial statements of the Company for the quarterly period ended September 30, 2023, the Company, in consultation with its current independent registered public accounting firm, KPMG LLP, identified certain accounting errors relating to the compliance with U.S. GAAP in connection with the Company's accounting policies for capitalizing software development costs. The errors relate primarily to the application of the relevant accounting standards to projects, including the timing of capitalization with respect to software development projects and the nature of costs eligible for capitalization. The Company is currently undertaking a review of other financial statement line items and related accounting policies to ensure U.S. GAAP compliance. The Company is currently unable to determine whether this review will result in further adjustments being required."
Shares of Inspired Entertainment, Inc. (NASDAQ: INSE) declined from $11.01 per share on November 06, 2023, to as low as $6.12 per share on November 09, 2023.
Those who purchased shares of Inspired Entertainment, Inc. (NASDAQ: INSE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, 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, investigation, and/or settlements are not filed/reached and/or 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.
NASDAQ:INSE Investor Notice: Investigation over Possible Securities Laws Violations by Inspired Entertainment, Inc.
An investigation for investors in Inspired Entertainment, Inc. (NASDAQ:INSE) shares over potential securities laws violations by Inspired Entertainment, Inc. was announced.