The PennZone

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Innodata Inc. ("Innodata" or the "Company") (NASDAQ: INOD) common stock between May 9, 2019 and February 14, 2024, inclusive (the "Class Period"). Innodata investors have until April 22, 2024 to file a lead plaintiff motion.

Investors suffering losses on their Innodata investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On February 15, 2024, Wolfpack Research published a report alleging, among other things, that Innodata is "a deteriorating, manual data-entry business driven by offshore labor, not innovation." Wolfpack further alleged that "[s]igns that [Innodata] is not an AI company are everywhere" noting the Company's minimal spending on cloud services and R&D, as well as the fact that "96% of [its] workforce is overseas and its average employee generates less than $20k of revenue annually."

More on The PennZone

• Max Tucci Makes His Highly-Anticipated Debut On QVC—unveiling A Bespoke Luxury Chocolate Collection Inspired By 100 Years Of Tucci Hospitality
• Vehicledle Launches as Daily Puzzle Game for Car Enthusiasts
• The Ms. Corporate America Maryland Competition Returns for an Unforgettable Evening of Leadership, Excellence, and Empowerment
• Precision Adult Care Expands 24/7 Adult In-Home Care Services to Meet Growing Demand in the Coachella Valley
• Metavalis Launches Massive Community Coat Drive in Branson to Support Local Residents

On this news, Innodata's stock price fell $3.74, or 30.5%, to close at $8.52 per share on February 15, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company did not have a viable AI technology; (2) its Goldengate AI platform is a rudimentary software developed by just a handful of employees; (3) it was not going to utilize AI to any significant degree for new Silicon Valley contracts; (4) it was not effectively investing in research and development for AI; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Innodata common stock, 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.

More on The PennZone

• Jim Breuer is Coming to The Eichelberger Performing Arts Center This May
• Peak Exteriors to Expand Its Services to Premium Outdoor Lighting Installation
• Ashley Wineland To Release Fiery Full-length Album "Wineland"
• Robert D. Botticelli Promoted to Century Fasteners Corp. – Director of Sales
• Openchannelflow Wins Web Excellence Award for Outstanding Digital Experience

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

---

Show All News | Report Violation