InnerWorkings, Inc. (INWK) Accused of Submitting Inaccurate Financial Statements

According to the complaint, InnerWorkings, Inc. submitted a series of public filings attesting to the accuracy of financial reporting and the disclosure of all fraud. It therefore came as a surprise to investors when InnerWorkings disclosed on May 7, 2018, that its financial statements contained accounting errors. InnerWorkings admitted that the errors were related to recording a portion of costs of goods sold in the wrong period, and that the company would consequently be restating its financial statements for the years ended December 31, 2017, 2016, and 2015, and all interim periods within those years. On this news, InnerWorkings' stock fell 6.4% to close at $9.06 per share on May 8, 2018.

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