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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.