The Law Offices of Frank R. Cruz has launched an investigation into Thoughtworks Holding, Inc. (NASDAQ: TWKS) on behalf of investors regarding potential violations of federal securities laws. Shareholders who have suffered losses are encouraged to participate in the investigation.
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 attributed to operating activities in the condensed consolidated statement of cash flows. The company stated that the affected financial statements would need to be restated.
Following this news, Thoughtworks’ stock price dropped 6.1% to close at $4.14 per share on February 13, 2024, resulting in losses for investors.
Subsequently, 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 the underperformance to internal factors.
Following the release of these financial results, Thoughtworks’ stock price experienced a significant decline of up to 37% during intraday trading on February 27, 2024, causing further losses for investors.
The Law Offices of Frank R. Cruz is actively investigating these matters and encourages shareholders who purchased Thoughtworks securities to come forward with any relevant information or questions. Frank R. Cruz, of The Law Offices of Frank R. Cruz, can be contacted at 310-914-5007 or via email at info@frankcruzlaw.com. More information can also be found on their website at www.frankcruzlaw.com.
It is important to note that this press release may be considered Attorney Advertising in some jurisdictions under applicable law and ethical rules.
Thoughtworks Holding, Inc. is a technology consultancy company that provides software design and delivery services to clients worldwide. Despite the recent challenges faced by the company, Thoughtworks remains committed to addressing the issues and working towards restoring investor confidence.
Please note that the content of this article is based on the information provided in the press release and does not reflect the views or opinions of the writer.
