NEW YORK, March 3, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the Northern District of Illinois on behalf of all purchasers of InnerWorkings, Inc. securities ("InnerWorkings" or "Company") (Nasdaq:INWK) between February 15, 2012 and November 6, 2013, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934.
If you purchased InnerWorkings during the Class Period, you may, no later than April 28, 2014 request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
According to the complaint, after the market closed on April 16, 2013, the Company lowered its full year 2013 guidance citing a reduction of work orders from one of its large retail clients. On this news, InnerWorkings securities declined $3.55 per share or more than 25%. However, on April 30, 2013, Prescience Point Research Group published an analyst report stating the Company was inflating its revenues in violation of GAAP by misapplying gross revenue accounting, placing it in violation of its credit agreement. On this news, InnerWorkings securities declined an additional $0.33 per share or more than 3%.
Then, on November 6, 2013, the Company announced lower than expected earnings per share, primarily due to issues with its Production Graphics division. Following this news, the Company's shares fell $3.85 per share to $5.64, or over 40%, on volume of nearly 9 million shares or 22 times the average daily volume.
On February 18, 2014, the Company announced that it would be restating its financial statements for all periods extending from the fourth quarter of 2011 through the third quarter of 2013.
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