Thoughtworks Holding, Inc. (NASDAQ: TWKS)

This investigation is for anyone who acquired securities in Thoughtworks Holding, Inc. (NASDAQ: TWKS) prior to February 27, 2024.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company had proper financial controls but then by overstating cash flow.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. 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, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Thoughtworks Holding, Inc. (NASDAQ: TWKS) prior to February 27, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.