NEW YORK, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Thoughtworks Holding, Inc. (“Thoughtworks” or the “Company”) (NASDAQ: TWKS) on behalf of Thoughtworks stockholders. Our investigation concerns whether Thoughtworks has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 12, 2024, Thoughtworks disclosed in a filing with the U.S. Securities and Exchange Commission that "[o]n February 6, 2024, the Audit Committee of the Board of Directors (the ‘Audit Committee') of Thoughtworks Holding, Inc. (the "Company"), concluded . . . that the Company's previously issued unaudited condensed consolidated financial statements as of and for the quarterly periods ended June 30, 2023 and September 30, 2023 (collectively, the ‘Non-Reliance Periods') included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the ‘SEC') for the Non-Reliance Periods, (1) 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 further described below, and (2) will require restatement."
Thoughtworks stated that "[a]s previously disclosed . . . in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and September 30, 2023, the Company made a payment of contingent consideration related to the acquisition of Connected Lab Inc. of $14.3 million. During the Non-Reliance Periods, the Company included this payment in the operating activities section of the condensed consolidated statement of cash flows. Of the $14.3 million payment, $14.0 million reflects the fair value of the contingent consideration on the acquisition date and should have been included within the financing activities section of the condensed consolidated statement of cash flows."
On this news, Thoughtworks' stock price fell $0.27 per share, or 6.12%, to close at $4.14 per share on February 13, 2024.
If you purchased or otherwise acquired Thoughtworks shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
