SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
against InnerWorkings, Inc. and Certain Officers -- INWK
NEW YORK, March 28, 2014
NEW YORK, March 28, 2014 /PRNewswire/ --Pomerantz LLP has filed a class
action lawsuit against InnerWorkings, Inc.("InnerWorkings" or the
"Company")(NASDAQ: INWK) and certain of its officers. The class action, filed
in United States District Court, Northern District of Illinois, and docketed
under 1:14-cv-01416, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired InnerWorkings securities between
February 15, 2012 and November 6, 2013, both dates inclusive (the "Class
Period"). This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased InnerWorkings securities during the
Class Period, you have until April 28, 2014 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
InnerWorkings provides print procurement solutions to corporate clients in the
United States. The Company utilizes its proprietary software applications and
database to create solutions that store, analyze, and track the production
capabilities of supplier networks, as well as quote and price data for bids
and print jobs.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to disclose
that: (1) the Company inflated its revenues in violation of Generally Accepted
Accounting Principles; (2) the Company artificially inflated its cash flows
and adjusted EBITDA; and (3) as a result of the foregoing, the Company's
financial statements were materially false and misleading at all relevant
On April 16, 2013, after the market closed, the Company revised its full year
2013 guidance due to a reduction of work orders by a large retail client. On
this news, InnerWorkings securities declined $3.55 per share or more than 25%,
to close at $10.48 per share on April 17, 2013.
On April 30, 2013, Prescience Point Research Group ("Prescience") published an
analyst report with a "Strong Sell" recommendation, alleging among other
things, that the Company was inflating its revenues by misapplying gross
revenue and net accounting. On this news, InnerWorkings securities declined
an additional $0.33 per share or more than 3%, to close at $10.07 per share on
April 30, 2013.
On November 6, 2013, the Company announced lower than expected earnings per
share, primarily due to issues with its Production Graphics division. On this
news, the Company's shares fell $3.85 per share to $5.64, or over 40%, on
November 6, 2013.
On February 18, 2014, the Company announced that it would need to restate its
financial statements for all periods extending to the fourth quarter of 2011
through the third quarter of 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP
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