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InnerWorkings Inc (NASDAQ: INWK) Investor Securities Class Action Lawsuit 05/10/2018

  • If you purchased shares of InnerWorkings Inc (NASDAQ: INWK), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
InnerWorkings, Inc.
Security
NASDAQ: INWK

Case Name
InnerWorkings Shareholder Class Action Lawsuit 05/10/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

April 16, 2019 - The case was dismissed.

April 12, 2019 - A notice of no intent to amend the complaint was filed.

March 27, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

November 26, 2018 - A motion to dismiss the amended complaint was filed.

September 25, 2018 - An amended complaint was filed.

May 10, 2018 - An investor in shares of InnerWorkings Inc (NASDAQ: INWK) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by InnerWorkings Inc in connection with certain allegedly false and misleading statements made between August 11, 2015 and May 7, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of InnerWorkings Inc (NASDAQ: INWK) common shares between August 11, 2015 and May 7, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 11, 2015 and May 7, 2018, the defendants made false and/or misleading statements and/or failed to disclose that InnerWorkings Inc’s 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 that InnerWorkings Inc’s financial statements were materially false and misleading at all relevant times.

Chicago, IL based InnerWorkings Inc provides marketing execution solutions in North America and internationally. InnerWorkings Inc reported that its annual Total Revenue rose from over $1.09 billion in 2016 to over $1.13 billion in 2017 and that its Net Income increased from $4.37 million to $18.97 million.

Shares of InnerWorkings Inc (NASDAQ: INWK) reached as high as $11.92 per share in October 2017.

On May 7, 2018, during aftermarket hours, InnerWorkings Inc revealed that [t]he Company will be restating its financial statements for the years ended December 31, 2017, 2016, and 2015, and all interim periods within those years. Accordingly, investors should no longer rely upon the Company's previously issued financial statements for these periods, any earnings releases or other communications relating to these periods, or projections or estimates for any future periods.

Shares of InnerWorkings Inc (NASDAQ: INWK) declined to as low as $8.88 per share on May 9, 2018.