|[February 28, 2014]
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against InnerWorkings, Inc.
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 before February 15, 2012, or between
February 15, 2012 and November 6, 2013, inclusive?
Did you lose money in your investment in InnerWorkings, Inc.?
Do you want to discuss your rights?
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the Northern District of
Illinois on behalf of all persons or entities that purchased the common
stock of InnerWorkings, Inc. ("InnerWorkings" or the "Company") (NASDAQ
between February 15, 2012 and November 6, 2013, 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 email@example.com; or
InnerWorkings is a leading provider of global print management and
promotional solutions to corporate clients across a wide range of
industries. 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: (i) the Company inflated its
revenues in violation of Generally Accepted Accounting Principles
("GAAP"); (ii) the Company artificially inflated its cash flows and
adjusted EBITDA; and (iii) as a result of the foregoing, the Company's
financial statements were materially false and misleading at all
relevant times. As a result of defendants' false and misleading
statements, the Company's stock traded at artificially inflated prices
during the Class Period.
According to the Complaint, on April 16, 2013, after the market closed,
the Company revised its full year 2013 guidance due to a reduction of
work orders by a large retail client. The following day, shares in
InnerWorkings declined more than 25%, closing at $10.48 per share on
April 17, 2013. Then, on April 30, 2013, Prescience Point Research Group
published an analyst report with a "Strong Sell" recommendation,
alleging among other things, that the Company was inflating its revenues
by misapplying gross revenue and net accounting. This news caused shares
in InnerWorkings to decline more than 3%, closing at $10.07 per share
that same day.
On November 6, 2013, the Company announced lower than expected earnings
per share, primarily due to issues with its Production Graphics
division. Shares in InnerWorkings dropped more than 40% on this news,
closing at $5.64 per share on November 7, 2013, on unusually heavy
trading volume of nearly 9 million shares.
Lastly, the Company recently announced on February 18, 2014 that it
would need to restate its financial statements for all periods extending
to the fourth quarter of 2011 through the third quarter of 2013.
If you wish to serve as lead plaintiff, you must move the Court no later
than April 28, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. 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.
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
[ InfoTech Spotlight's Homepage ]