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The Order finds that Shaffer and Bennett were responsible for Inspire's disclosure decisions concerning the details of the diquafosol program, and that Inspire's Forms 10-Q for the first three quarters of its fiscal year 2004 described the clinical trial as "confirmatory" and stated that diquafosol had to "replicate" the efficacy demonstrated in an earlier clinical trial. In the context of other public statements made by Inspire and Shaffer concerning diquafosol, these statements created the impression that the particular standard by which diquafosol had to demonstrate efficacy in the new clinical trial, the primary endpoint, was the same as a primary endpoint that diquafosol had successfully achieved in a previous clinical trial. In fact, the primary endpoint was different from the primary endpoints of previous clinical trials for diquafosol. On February 9, 2005, Inspire announced that diquafosol had failed to achieve the trial's primary endpoint, which the company specifically identified for the first time. Inspire's stock closed at $8.88 per share, representing a drop of more than 44 percent from the previous day's close of $16 per share.
Based on the above, the Order: (a) finds that Inspire violated Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 12b-20 and 13a-13 thereunder, and that Shaffer and Bennett caused those violations; (b) orders that Inspire cease and desist from committing or causing any violations and any future violations of Section 13(a) of the Exchange Act and Rules 12b-20 and 13a-13 thereunder; and (c) orders Shaffer and Bennett to cease and desist from causing any violations and any future violations of Section 13(a) of the Exchange Act and Rules 12b-20 and 13a-13 thereunder.
Inspire, Shaffer, and Bennett consented to the issuance of the Order without admitting or denying any of the findings. (Rel. 34-58690; File No. 3-13264)
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