InnerWorkings receives class action lawsuit

A law office recently filed a securities class action claim against the board of directors of a print management company after allegations of securities law violations surfaced.

Law firm Girard Gibbs, LLP, filed the litigation on behalf of shareholders of InnerWorkings, Inc. This was for the class period between Feb. 15, 2012, and Nov. 6, 2013. The lawsuit surrounds whether or not the company violated the Securities Exchange Act of 1934.

On April 16, 2013, the company noted that it was revising its 2013 financial guidance down due to a cut in its work orders from a major client. When this information surfaced, the company's stock fell by approximately one quarter, for a dollar value of $3.55 per share.

The securities depreciated again on April 30, 2013, as a report from Prescience Point Research Group noted the company had inflated its revenue. The stock dropped another $0.33 per share, for a 3 percent decline. The company had another notable decline in its stock on Nov. 6, 2013. At that point, InnerWorkings explained that it had another low earnings performance, which had its stock drop 40 percent, or $3.85 per share, to $5.64 per share.

Shareholders who are looking to become lead plaintiff need to speak with the court and file the proper paperwork by April 28, 2014. However, this position is not required in order to collect in the event of a monetary return. Remaining an absent class member is an option for all shareholders.

It is possible for shareholders to learn more about the process with the law firm, especially regarding how it affects their interests and rights. John Kehoe, a lawyer at the firm, is available to discuss these matters by telephone and email.

Second lawsuit filed
Another law firm explained that it filed a class action lawsuit against the board of directors of InnerWorkings.

Federman and Sherwood filed the suit in the U.S. District Court for the Northern District of Illinois for many of the same reasons. The alleged violations of the Securities Exchange Act of 1934 were specified to be related to Sections 10(b), 20(a) and Rule 10b-5.

K. Lynn Nunn is available from the law office to answer questions about this pending lawsuit. These can include issues with rights or the process itself. Both email and visiting the firm's website is best.