On or around 04/10/2020 (Other)
Filing Date: April 04, 2018
According to the Complaint, IZEA operates online marketplaces that facilitate transactions between marketers and content creators.
The Complaint alleges that Defendants throughout the Class Period 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 at all relevant times.
On June 26, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. On April 15, 2019, the parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on May 7. On September 26, the Court granted final approval of the Settlement and entered Final Judgment.
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