Lawsuit on Behalf of Investors in InnerWorkings, Inc. (INWK) Announced by
SAN DIEGO, March 3, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc.
announces that a lawsuit was filed on behalf of certain purchasers
InnerWorkings, Inc. (INWK) common stock over alleged violations of Federal
Securities Laws by InnerWorkings, Inc. in connection with certain allegedly
false and misleading statements made between February 15, 2012 and November 6,
If you purchased shares of InnerWorkings, Inc. (INWK), you have certain
options and you should contact the Shareholders Foundation at
email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants made allegedly false and/or misleading
statements and/or failed to disclose that InnerWorkings, Inc. inflated its
revenues in violation of Generally Accepted Accounting Principles, that
InnerWorkings, Inc. artificially inflated its cash flows and adjusted EBITDA,
and that as a result of the foregoing, InnerWorkings, Inc.'s financial
statements were allegedly materially false and misleading at all relevant
On November 6, 2013, InnerWorkings, Inc. 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, Inc.
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.
Shares of InnerWorkings, Inc. declined from $10.35 per share on October 24,
2013 to $5.64 per share on November 7, 2013.
Then on February 18, 2014, InnerWorkings, Inc. 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 plaintiff seeks to recover damages on behalf of all purchasers of
InnerWorkings, Inc. (INWK) common stock between February 15, 2012 and November
Those who purchased shares of InnerWorkings, Inc. have certain options and
should contact the Shareholders Foundation, Inc. by e-mail at
firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and a settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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