|[February 19, 2014]
EQUITY ALERT: The Rosen Law Firm Announces Investigation of Securities Fraud Claims Against InnerWorkings Inc. --- INWK
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 InnerWorking 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
Attorney Advertising. Prior results do not guarantee a similar outcome.
[ InfoTech Spotlight's Homepage ]