NEW YORK, Feb. 22, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of Innodata Inc. (NASDAQ: INOD)?
- Did you purchase your shares between May 9, 2019 and February 14, 2024, inclusive?
- Did you lose money in your investment in Innodata Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Innodata Inc. (“Innodata” or the “Company”) (NASDAQ: INOD) between May 9, 2019 and February 14, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of New Jersey and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Innodata common stock, and/or would like to discuss your legal rights and options please visit Innodata Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Innodata is a data engineering company that purports to be “delivering the promise of AI to many of the world’s most prestigious companies.” The Company states that it provides AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes.
The Complaint alleges that Defendants made materially false and misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innodata did not have a viable AI product; (2) its AI platform is a rudimentary software; and (3) it was not using AI for new contracts.
On February 15, 2024, Wolfpack Research published a report (the “Wolfpack Report”) revealing that Innodata misrepresented the nature and extent of its business and operations. The Wolfpack Report showed that Innodata’s AI is “smoke and mirrors” and that while Defendants touted Innodata’s status as an AI pioneer, other companies were only using Innodata for cheap labor rather than its technology.
On this news, Innodata’s stock price declined by $3.74 per share, or approximately 30.5%, to close at $8.52 per share on February 15, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than April 22, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Innodata common stock, and/or would like to discuss your legal rights and options please visit Innodata Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
