Innodata (INOD) False Statements About AI Business Case

D. New Jersey

Court

2:24-cv-00971

Case number

09 May 2019

Class period Start

14 Feb 2024

Class period End

22 Apr 2024

Lead Plaintiff motion deadline

$INOD stockholder filed a claim  vs. Innodata for making false claims regarding its AI business.
In February Wolfpack Research’s negative report caused $INOD to fall 30.4%, losing over $107M in shareholder value.
On February 15, 2024, Wolfpack Research published a report accusing Innodata (INOD) of misrepresenting the nature and extent of its business and operations. It claimed that Innodata:
Did not have a viable AI technology;
Its AI platform was a rudimentary software developed by just a handful of employees;
It was not going to use AI for new Silicon Valley contracts;
It was not effectively investing in R&D for AI; 
Had no basis for positive statements about its AI business and related financial results, growth, and prospects.
On this news, $INOD declined 30.4% and lost over $107 million of its market capitalization, seriously damaging shareholders.

Considering all the representations, investors have reasons to suspect Innodata of making false claims about its AI business, that led to investor losses when revealed.

The first affected investor already filed an initial claim vs. Innodata in  D. New Jersey court.

Case Status

Lead Plaintiff Appointed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

15 February 2024

Filing date

21 February 2024

Lead Plaintiff Deadline

22 April 2024

Judge

Jamel K. Semper

Innodata (INOD) False Statements About AI Business Case

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