NEW YORK, May 7, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of InnerWorkings, Inc. ("InnerWorkings" or the "Company") (NASDAQ: INWK) who purchased InnerWorkings common stock between November 9, 2011 and April 29, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at [email protected] 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, according to the company, after "a change in control at a large retail client, resulted in a decision to redirect a significant portion of work to a provider with an existing business relationship with the client's new 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 April 30, 2013, Prescience Point Research Group published a report criticizing, amongst various issues, the Company's accounting practices and future growth projections. Specifically, the report alleges that the Company has historically improperly recognized revenues through misapplying gross revenue accounting, and has much narrower growth potential than advertised to investors. On this news announcement, shares of InnerWorkings fell $0.33 or 3% to close at $10.07 on April 30, 2013.
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.
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP