On February 12, 2024, after market hours, Thoughtworks filed a Current Report on Form 8-K with the SEC announcing its “previously issued unaudited condensed consolidated financial statements as of and for the quarterly periods ended June 30, 2023 and September 30, 2023 (collectively, the ‘Non-Reliance Periods’) included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the ‘SEC’) for the Non-Reliance Periods, (1) 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, as further described below, and (2) will require restatement. Similarly, any previously issued or filed reports, earnings releases, and investor presentations or other communications describing the Company’s condensed consolidated unaudited financial statements and other related financial information covering the Non-Reliance Periods should no longer be relied upon.”
On this news, Thoughtworks’ stock price fell $0.27 per share, or 6%, to close at $4.14 per share on February 13, 2024, the next trading day.
