INOD - Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Innodata Inc. (INOD)
The law firm of Kirby McInerney LLP is investigating potential claims against Innodata, Inc. (“Innodata” or the “Company”) (NASDAQ: INOD ). The firm’s ongoing investigation concerns whether Innodata and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
[ Click here to learn more about the investigation ]
On February 15, 2024, Wolfpack Research published a report alleging that Innodata misrepresented the nature and extent of its business and operations. The research firm criticized the Company for its alleged overemphasis on being an AI pioneer, pointing out that Innodata stopped disclosing its R&D spend after Q1 2021. Wolfpack highlighted that Innodata’s total investment in R&D over the past five years was only $4.4 million, with even less allocated to R&D in 2023 than what was spent on promoting its “AI” technology through press releases. On this news, the price of Innodata shares declined by $3.74 per share, or approximately 30.5%, from $12.26 per share on February 14, 2024 to close at $8.52 on February 15, 2024.
If you purchased or otherwise acquired Innodata securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com , or by filling out this CONTACT FORM , to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com