NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors InnerWorkings, Inc. ("InnerWorkings" or the "Company") (NASDAQ: INWK). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether InnerWorkings and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 16, 2020, InnerWorkings issued a press release announcing the Company's financial and operating results for the fourth quarter and full year 2019. Therein, the Company's Chief Financial Officer stated, in relevant part, that "[a]s a result of the material weaknesses previously disclosed, insufficient evidence existed to support the recognition of revenue in arrangements containing bill and hold provisions. Therefore, we deferred the related revenue until product shipped from our warehouse."
On this news, InnerWorkdings' stock price fell $0.36 per share, or 17.64%, to close at $1.68 per share on March 17, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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