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Inspired Entertainment, Inc., a gaming technology company, announced on November 8, 2023, 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.
Following this news, the price of Inspired Entertainment shares fell over 29% on November 9, 2023.