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Oklahoma City, OK (May 11, 2018) – On May 10, 2018, a securities class action lawsuit was filed in the United States District Court for the Central District of California against InnerWorkings, Inc. (NASDAQ: INWK). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 11, 2015 through May 7, 2018. More specifically the complaint was filed because on May 7, 2018, post-market, InnerWorkings “announced 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.” 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 to close at $9.06 per share on May 8, 2018.
Plaintiff seeks to recover damages on behalf of all InnerWorkings, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, July 9, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.