NEW YORK, NY / ACCESSWIRE / August 1, 2020 /Pomerantz LLP is investigating claims on behalf of investors of Insperity, Inc, (“FirstEnergy” 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.
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.
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SOURCE: Pomerantz LLP
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