Case View


Innodata Inc.

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Innodata Inc. (“Innodata” or the “Company”) (NASDAQ: INOD) common stock between May 9, 2019 and February 14, 2024, inclusive. The lawsuit seeks to recover Innodata shareholders’ investment losses.

If you purchased common stock in Innodata between May 9, 2019 and February 14, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.

Innodata is a data engineering company that purports to be “delivering the promise of AI to many of the world’s most prestigious companies.”  The Company states that it provides AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes.

The Complaint alleges that Defendants made materially false and misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innodata did not have a viable AI product; (2) its AI platform is a rudimentary software; and (3) it was not using AI for new contracts.

On February 15, 2024, Wolfpack Research published a report (the “Wolfpack Report”) revealing that Innodata misrepresented the nature and extent of its business and operations.  The Wolfpack Report showed that Innodata’s AI is “smoke and mirrors” and that while Defendants touted Innodata’s status as an AI pioneer, other companies were only using Innodata for cheap labor rather than its technology.

On this news, Innodata’s stock price declined by $3.74 per share, or approximately 30.5%, to close at $8.52 per share on February 15, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than April 22, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

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Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
(212) 951-2030