|[March 31, 2014]
Hagens Berman Advises Investors of April 28, 2014, Deadline in InnerWorkings, Inc. Securities Lawsuit and Investigation
BERKELEY, Calif. --(Business Wire)--
Hagens Berman Sobol Shapiro LLP, advises investors of InnerWorkings,
Inc. (NASDAQ:INWK) ("InnerWorkings") of the class-action lead plaintiff
deadline on April 28, 2014. Investors who have suffered financial losses
can contact Hagens Berman Partner Reed Kathrein, who is leading the
firm's investigation, by calling 510-725-3000, emailing INWK@hbsslaw.com
or by visiting Hagens Berman's website at http://hb-securities.com/investigations/InnerWorkings.
The securities fraud class-action lawsuit, filed on Feb. 27, 2014, on
behalf of investors who purchased stock between Feb. 15, 2012 and Nov.
6, 2013 (the "Class Period"), alleges that InnerWorkings artificially
inflated revenue, cash flows and adjusted EBITA.
On April 16, 2013, after the market closed, InnerWorkings revised its
full year 2013 guidance "due to a reduction of work orders by a large
retail client," according to the complaint. Following this news,
InnerWorkings shares declined $3.55 per share or more than 25 percent.
On April 30, 2013, Prescience Point Research Group published a report
recommending investors sell their InnerWorkings stock, based on
allegations that the company was inflating its revenues by "misapplying
gross revenue and net accounting," the complaint states. Followin this
news, InnerWorkings securities declined an additional three percent, to
close at $10.07 per share on April 30, 2013.
Finally, on Nov. 6, 2013, InnerWorkings announced lower than expected
earnings primarily due to issues with its Production Graphics division,
but on Feb. 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.
"When a company is trying to cover up bad business by cooking numbers
and failing to share key information, that's the kind of misleading
behavior that sets off an alarm to investors," said Mr. Kathrein. "Why
defendants held off, since October, identifying the real reasons they
fired the previous owner needs to be examined closely."
The deadline to file for lead plaintiff in a recently filed securities
fraud class action is April 28, 2014. Additional information is
available at http://hb-securities.com/investigations/InnerWorkings.
Persons with non-public information regarding InnerWorkings should
consider their options to help in the investigation or take advantage of
the SEC (News - Alert) Whistleblower program. Under the new SEC Whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the SEC.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law
firm with offices in nine cities. The Firm represents investors,
whistleblowers, workers and consumers in complex litigation. More about
the law firm and its successes can be found at www.hb-securities.com.
Read the Firm's Securities Newsletter at http://www.hb-securities.com/newsletter.
The firm's blog is located at www.meaningfuldisclosure.com.
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