The Law Offices of Frank R. Cruz is currently conducting an investigation into Thoughtworks Holding, Inc. (NASDAQ: TWKS), also known as “Thoughtworks,” on behalf of investors regarding potential violations of federal securities laws. The investigation focuses on the accuracy of the company’s financial statements and the impact it may have had on shareholders.
On February 12, 2024, Thoughtworks announced 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. As a result, the company stated that these affected financial statements would need to be restated. This news led to a decline in Thoughtworks’ stock price, causing losses for investors.
Further, on February 27, 2024, Thoughtworks released its fourth quarter and full year 2023 financial results. The report revealed an 18% year-over-year decline in revenue, net loss margins of 8.9% compared to 5.2% the previous year, 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 attributed these results to internal factors. Following this announcement, the stock price of Thoughtworks experienced a significant drop during intraday trading, resulting in further losses for investors.
The Law Offices of Frank R. Cruz encourages shareholders who suffered losses to participate in the investigation. If you are a shareholder and would like to learn more about the claims or have any questions regarding your rights or interests in this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, located at 2121 Avenue of the Stars, Suite 800, Century City, California 90067. You can reach Frank R. Cruz at 310-914-5007 or by email at info@frankcruzlaw.com. Additional information is also available on their website at www.frankcruzlaw.com.
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Source: The Law Offices of Frank R. Cruz
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