NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against InnerWorkings Inc. (Nasdaq:INWK) resulting from allegations that the Company may have issued materially misleading business information to the investing public.
On November 6, 2013, InnerWorkings lowered its 2013 revenue guidance and GAAP diluted earnings per share guidance due to the performance of its Productions Graphics subsidiary. On that same day, InnerWorkings reported that it removed Christophe Delaune as Production Graphic’s President in October 2013, who had been in that role since InnerWorking’s 2011 acquisition of Productions Graphics – then principally owned by Mr. Delaune. InnerWorkings also indicated there are potential disputes relating to the acquisition agreement of Production Graphics. On this news, shares of InnerWorkings fell $3.85 per share, or by approximately 41%, to close at $5.64 on November 7, 2013.
On February 18, 2014, InnerWorkings revealed that its previously issued financial statements for the periods beginning with the fourth quarter of 2011 and the year ended December 31, 2011 through the third quarter of 2013 should no longer be relied upon and would be restated. This was based on InnerWorkings’ conclusion that Mr. Delaune artificially inflated results to meet earn-out targets and induce the Company to make earn-out payments relating to the Productions Graphics acquisition.
The Rosen Law Firm is investigating a class action lawsuit as a result of this adverse information. If you purchased InnerWorking securities, you may visit the website at http://rosenlegal.com to join the action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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