The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of IZEA Worldwide, Inc. (IZEA or the Company) (Nasdaq: IZEA). IZEA creates and operates online marketplaces that connect marketers and content creators.
On February 26, 2018 IZEA announced that in connection with the preparation of the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the Companys Audit Committee of the Board of Directors (the Audit Committee) determined that there was an error in accounting for revenue and cost of sales related to the self-service Content Workflow portion of the companys revenue, and that as a result of additional review procedures necessitated by the accounting adjustments the Company needed additional time to file its Annual Report on Form 10-K for the year ended December 31, 2017. Following these events, a class action lawsuit was filed against the Company and certain of its senior officers and directors alleging violations of federal securities laws.
Shares of IZEA fell $0.66 per share, or over 18%, on April 2, 2018, after the announcement that the Company would be late filing its 10-K, to close at $3.00 per share. The stock price then continued to fall the following trading day, and dropped another $0.58 per share, or over 19%, to close at $2.42 per share on April 3, 2018. The stock price has continued to decline and currently trades at approximately $1.64 per share.
If you currently own IZEA common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at [email protected] or Mr. Glenn at [email protected].
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.
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