Investment Research report

Inner Workings, Inc

NASDAQ:
inwk
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Research Overview

INDEX:
S&P 500
Sector:
Technology
Position:
Short
Date:
Apr 20, 2013

After conducting a forensic financial and accounting review, Spruce Point (FKA Prescience Point) believes InnerWorkings (Nasdaq: INWK or “IW”), a graphic design company, has been inflating its revenues in violation of GAAP principles by misapplying gross revenue accounting, placing it in violation of its credit agreement. Based on our latest investigation, we estimate a 55% downside risk, or $5.00 per share.

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