NEW YORK, Feb. 20, 2014 /PRNewswire/ --Pomerantz LLP is investigating claims on behalf of investors of InnerWorkings, Inc. ("InnerWorkings" or the "Company")(NasdaqGS: INWK). Investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether InnerWorkings and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 16, 2013, the Company announced that its 2013 revenues and earnings would be much lower than expected, because of "a change in control at a large retail client, resulting in a decision to redirect a significant portion of work to a provider with an existing business relationship with the client's now management team,"
On this news announcement, shares of InnerWorkings fell $3.55 or 25% to close at a $10.48 on April 17, 2013.
On November 6, 2013, InnerWorkings lowered its 2013 revenue guidance and GAAP diluted earnings per share guidance due to the performance of Productions Graphics. On that same day, InnerWorkings reported that it removed Christophe Delaune as the President of its French subsidiary 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. On this news, shares of InnerWorkings fell $3.85 per share, or by approximately 41%, to close at $5.64 on November 7, 2013.
On February 18, 2014, InnerWorkings 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 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 Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, 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
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP
