Morgan & Morgan Announces That a Class Action Lawsuit Has Been Filed Against
InnerWorkings, Inc. -- INWK
NEW YORK, March 3, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a
class action has been filed in the United States District Court for the
Northern District of Illinois on behalf of all purchasers of InnerWorkings,
Inc. securities ("InnerWorkings" or "Company") (Nasdaq:INWK) between February
15, 2012 and November 6, 2013, inclusive (the "Class Period"), alleging
violations of the Securities Exchange Act of 1934.
If you purchased InnerWorkings during the Class Period, you may, no later than
April 28, 2014 request that the Court appoint you lead plaintiff of the
proposed class. A lead plaintiff is a representative party that acts on behalf
of other class members in directing the litigation. Any member of the
purported 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
If you want more information about the InnerWorkings Class Action please
contact George Pressly, Esq. at 1-800-631-6234 or
According to the complaint, after the market closed on April 16, 2013, the
Company lowered its full year 2013 guidance citing a reduction of work orders
from one of its large retail clients.On this news, InnerWorkings securities
declined $3.55 per share or more than 25%.However, on April 30, 2013,
Prescience Point Research Group published an analyst report stating the
Company was inflating its revenues in violation of GAAP by misapplying gross
revenue accounting, placing it in violation of its credit agreement.On this
news, InnerWorkings securities declined an additional $0.33 per share or more
Then, on November 6, 2013, the Company announced lower than expected earnings
per share, primarily due to issues with its Production Graphics
division.Following this news, the Company's shares fell $3.85 per share to
$5.64, or over 40%, on volume of nearly 9 million shares or 22 times the
average daily volume.
On February 18, 2014, the Company announced that it would be restating its
financial statements for all periods extending from the fourth quarter of 2011
through the third quarter of 2013.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
securities fraud, the firm also practices in the areas of antitrust, personal
injury, consumer protection, wage and hour, and product liability.All of the
Firm's legal endeavors are rooted in its core mission: provide investor and
consumer protection and always fight "for the people."
Attorney advertising.Prior results do not guarantee a similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
New York, NY 10036
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