NEW YORK, NY / ACCESSWIRE / September 8, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Insperity, Inc, ("Insperity" or the "Company") (NYSE:NSP). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Insperity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On July 29, 2019, Insperity released its second quarter 2019 financial results. Despite delivering year-over-year growth and meeting analysts' estimates, the Company offered disappointing third quarter 2019 guidance and reduced its full-year 2019 guidance. Further, Insperity revealed that in the second quarter of 2019, the Company had experienced an increase in large medical claim costs, which it described as an anomaly which would not impact projected cost benefit trends. On this news, Insperity's stock price fell $35.74 per share, or 24.71%, to close at $108.89 per share on July 29, 2019.
Then, on November 4, 2019, Insperity released its third quarter 2019 financial results, which substantially missed analysts' estimates and were materially down year-over-year. In addition, Insperity materially reduced its full-year 2019 guidance. The Company attributed these results to continued large medical claim costs, which it again attempted to describe as a mere anomaly to assuage investor concern. On this news, Insperity's stock price fell $36.29 per share, or 33.7%, to close at $71.38 per share on November 4, 2019.
Finally, on February 11, 2020, Insperity released its fourth quarter and full-year 2019 financial results. While the Company's results were in line with its repeatedly downgraded financial forecasts, Insperity revealed that large medical claims had again impacted the Company by significantly increasing operational costs. Further, Insperity stated that it had restructured its contract with UnitedHealthcare to no longer have financial responsibility for any medical claims over $1 million. Finally, Insperity offered disappointingly bearish guidance for the first quarter and full-year 2020. On this news, Insperity's stock price fell $17.44 per share, or 19.58%, to close at $71.64 per share on February 12, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP