The Law Offices of Frank R. Cruz Continues Investigation of Thoughtworks Holding, Inc. (TWKS) on Behalf of Investors

The Law Offices of Frank R. Cruz continues its investigation of Thoughtworks Holding, Inc. (“Thoughtworks” or the “Company”) (NASDAQ: TWKS) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On February 12, 2024, Thoughtworks disclosed 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.” The Company further disclosed that the affected financial statements would need to be restated.

On this news, Thoughtworks’ stock price fell $0.27, or 6.1%, to close at $4.14 per share on February 13, 2024, thereby injuring investors.

Then, on February 27, 2024, Thoughtworks released its fourth quarter and full year 2023 financial results, reporting an 18% year-over-year decline in revenue, net loss margins of 8.9%, compared to 5.2% a year prior, 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 blamed the miss on “internal factors.”

On this news, Thoughtworks’ stock price fell as much as 37% during intraday trading on February 27, 2024, thereby injuring investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Thoughtworks securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240228903580/en/