RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased InnerWorkings, Inc. (NASDAQ: INWK) (“InnerWorkings” or the “Company”) publicly traded securities between August 11, 2015 and May 7, 2018, inclusive (the “Class Period”).
InnerWorkings shareholders may, no later than July 9, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of InnerWorkings and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On May 7, 2018, InnerWorkings disclosed that it was “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.” Additionally, the Company disclosed 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.”
Following this news, shares of the Company’s stock declined $0.62 per share, or over 6.4%, to close on May 8, 2018 at $9.08, on heavy trading volume.
The complaint alleges that InnerWorkings and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that (i) InnerWorkings’ financial statements for fiscal years 2015, 2016 and 2017 contained errors that required restating; and (ii) InnerWorkings’ financial statements were materially false and misleading at all relevant times. The complaint further alleges that, as a result of the foregoing, investors purchased InnerWorkings’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s May 7, 2018 disclosures.
If you are a member of the class, you may, no later than July 9, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.