WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of InnerWorkings, Inc. (NASDAQ GS: INWK)?
- Did you purchase your shares between August 11, 2015 and May 7, 2018, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of InnerWorkings, Inc. (“InnerWorkings” or the “Company”) (NASDAQ GS: INWK) between August 11, 2015 and May 7, 2018, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of InnerWorkings during the Class Period, or purchased shares prior to the Class Period and still hold InnerWorkings, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at firstname.lastname@example.org.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) InnerWorkings’ financial statements for the fiscal years ending December 31, 2017, 2016, and 2015 as well as all interim periods contained errors that required restating; and (2) InnerWorkings’ financial statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 7, 2018, post-market, InnerWorkings "announced that it is postponing the release of its first quarter 2018 financial results and conference call due to errors in its historical financial statements identified during the course of its first quarter financial reporting close process." InnerWorkings advised investors that it "will be restating its financial statements for the years ended December 31, 2017, 2016, and 2015, and all interim periods within those years." On its preliminary assessment, InnerWorkings estimated an aggregate impact that includes a decrease in income before income taxes of $2.5 - $4.5 million for the year ended December 31, 2017, and a decrease in income before income taxes of $1.5 - $2.5 million for the year ended December 31, 2016.
On this news, shares of InnerWorkings declined over 6%, closing at $9.06 per share on May 8, 2018, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 9, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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