BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf of Thoughtworks Holding, Inc. (“Thoughtworks” or the “Company”) (NASDAQ: TWKS) investors concerning the Company’s possible violations of federal securities laws.
On February 12, 2024, Thoughtworks disclosed that previously issued financial statements for the second and third quarters of 2023 “should no longer be relied upon due to an inaccurate presentation of the change in cash flows ascribed to operating activities in the condensed consolidated statement of cash flows.” The Company further disclosed that the affected financial statements would need to be restated.
On this news, Thoughtworks’ stock price fell $0.27, or 6.1%, to close at $4.14 per share on February 13, 2024, thereby injuring investors.
Then, on February 27, 2024, Thoughtworks released its fourth quarter and full year 2023 financial results, reporting an 18% year-over-year decline in revenue, net loss margins of 8.9%, compared to 5.2% a year prior, a decrease in adjusted EBITDA, a diluted loss per share of $0.07, and a 14.3% year-over-year decrease in bookings. The Company blamed the miss on “internal factors.”
On this news, Thoughtworks’ stock price fell $1.33, or 28.9%, to close at $3.28 per share on February 27, 2024, thereby injuring investors further.
If you purchased Thoughtworks 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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