NEW YORK--(BUSINESS WIRE)--Pomerantz LLP announces that a class action lawsuit has been filed against InnerWorkings, Inc. (“InnerWorkings” or the “Company”) (NASDAQ: INWK) and certain of its officers. The class action, filed in United States District Court, Central District of California, is on behalf of a class consisting of investors who purchased or otherwise, acquired securities of InnerWorkings between August 11, 2015, through May 7, 2018, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased InnerWorkings securities between August 11, 2015, and May 7, 2018, both dates inclusive, you have until July 9, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
InnerWorkings, Inc. provides print procurement solutions to corporate clients in the United States. The Company utilizes its proprietary software applications and database to create solutions that store, analyze, and track the production capabilities of its supplier networks, as well as quote and price data for bids and print jobs.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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 (ii) as a result, InnerWorkings’ public statements were materially false and misleading at all relevant times.
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, InnerWorkings’ share price fell $0.62, or 6.4%, to close at $9.06 on May 8, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com