SAN DIEGO, CA / ACCESSWIRE / April 18, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in NASDAQ: IZEA shares over alleged Securities Laws Violations by IZEA, Inc.
Investors who purchased shares of IZEA, Inc. (NASDAQ: IZEA) have certain options and for certain investors are short and strict deadlines running. Deadline: June 4, 2018. NASDAQ: IZEA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 2, 2018, IZEA, Inc. revealed that it would delay its fourth quarter and full year 2017 earnings release and a conference call. IZEA's Audit Committee identified an error in accounting for revenue and cost of sales related to the self-service Content Workflow portion of its revenue. According to the company, the amount it previously reported as gross profit on Content Workflow should be reported as revenue. IZEA, Inc. also announced in a Form 8-K filed with the SEC, that its previously issued financial statements included in its annual reports for the years ended December 31, 2015 and 2016, and quarterly reports for each quarter for the years ended December 31, 2015 and 2016 and the first three quarters for the year ended December 31, 2017 should no longer be relied upon.
On April 4, 2018, a lawsuit was filed against IZEA, Inc. over alleged violations of securities laws. The plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that IZEA, Inc. was misreporting revenue from the Company's Content Workflow services as gross amounts billed to marketers instead of on a net transaction basis, that the amount IZEA previously reported as gross profit on Content Workflow should be the amount reported as revenue, that IZEA lacked adequate internal controls, and that as a result, Defendants' public statements were materially false and misleading at all relevant times
Those who purchased IZEA, Inc. (NASDAQ: IZEA) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
