NEW YORK, May 11, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against InnerWorkings, Inc. (“InnerWorkings” or the “Company”) (Nasdaq:INWK) in the United States District Court for the Central District of California on behalf of a class consisting of investors who purchased or otherwise acquired InnerWorkings securities on the open market from August 11, 2015 through May 7, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s financial statements for the fiscal years ending December 31, 2017, 2016, and 2015 as well as all interim periods contained errors that required restating; and (ii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 7, 2018, the Company “announced that it is postponing the release of its first quarter 2018 financial results and conference call due to errors in its historical financial statements identified during the course of its first quarter financial reporting close process.” The Company advised investors that it “will be restating its financial statements for the years ended December 31, 2017, 2016, and 2015, and all interim periods within those years.” On its preliminary assessment, the Company estimated an aggregate impact that includes a decrease in income before income taxes of $2.5 - $4.5 million for the year ended December 31, 2017, and a decrease in income before income taxes of $1.5 - $2.5 million for the year ended December 31, 2016.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the July 9, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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