LOS ANGELES, July 30, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz continues its investigation on behalf of InnerWorkings, Inc. ("InnerWorkings" or "the Company") (NASDAQ: INWK) investors concerning the Company and its officers' possible violations of federal securities laws.
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On March 16, 2020, InnerWorkings issued a press release revealing the Company's financial and operating results for the fourth quarter and full year 2019. Therein, the Company's Chief Financial Officer stated 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, the Company's share price fell $0.36, or over 17%, to close at $1.68 per share on March 17, 2020, thereby injuring investors.
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If you purchased InnerWorkings securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles