DENVER, CO – April 5, 2018 – Berens Law LLC today announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired the publicly traded securities of IZEA Inc. (NASDAQ: IZEA) between May 15, 2015 and April 3, 2018, both dates inclusive (the “Class Period”).
What actions may I take at this time? If you purchased or acquired shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment no later than June 4, 2018. A “lead plaintiff” works with counsel to direct the litigation and participates in important decisions, including the amount of compensation to accept in settlement of the class action. Members of the putative class may seek appointment through counsel of their choice, or may choose to do nothing and remain absent class members.
If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact Jeffrey A. Berens, Esq. at (800) 287-9272 or via email firstname.lastname@example.org.
What are the allegations in the complaint? The complaint contains allegations that, during the Class Period, defendants IZEA, Edward Murphy (President & CEO), and LeAnn C. Hitchcock (CFO) issued materially false and misleading statements regarding the company’s business. Specifically, the complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) IZEA was misreporting revenue from the company’s Content Workflow services as gross amounts billed to marketers instead of on a net transaction basis; (2) the amount IZEA previously reported as gross profit on Content Workflow should be the amount reported as revenue; (3) IZEA lacked adequate internal controls; and (4) as a result, defendants’ public statements were materially false and misleading. When the true details entered the market, the lawsuit claims that investors suffered damages. Based upon the foregoing, the complaint charges defendants with violations of the Securities Exchange Act of 1934.
About Berens Law LLC. Berens Law LLC represents investors in securities class action and shareholder derivative lawsuits, and over the years has recovered hundreds of millions of dollars for clients.
Jeffrey A. Berens, Esq.
Berens Law LLC
2373 Central Park Boulevard
Denver, CO 80238
Tel: (800) 287-9272