Law Offices of Howard G. Smith reminds investors of the upcoming April 22, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Innodata Inc. (“Innodata” or the “Company”) (NASDAQ: INOD) common stock between May 9, 2019 and February 14, 2024, inclusive (the “Class Period”).

Investors suffering losses on their Innodata investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On February 15, 2024, Wolfpack Research published a report alleging, among other things, that Innodata is "a deteriorating, manual data-entry business driven by offshore labor, not innovation." Wolfpack further alleged that "[s]igns that [Innodata] is not an AI company are everywhere" noting the Company’s minimal spending on cloud services and R&D, as well as the fact that "96% of [its] workforce is overseas and its average employee generates less than $20k of revenue annually."

On this news, Innodata's stock price fell $3.74, or 30.5%, to close at $8.52 per share on February 15, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company did not have a viable AI technology; (2) its Goldengate AI platform is a rudimentary software developed by just a handful of employees; (3) it was not going to utilize AI to any significant degree for new Silicon Valley contracts; (4) it was not effectively investing in research and development for AI; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Innodata common stock during the Class Period, you may move the Court no later than April 22, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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/20240226622906/en/