|Company Name||InnerWorkings, Inc.|
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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