AI software company Innodata and its top officials were hit with a securities class action on Feb. 21 in New Jersey District Court. The suit, filed by Carella Byrne Cecchi Olstein Brody & Agnello and Block & Leviton, contends that the defendants failed to disclose that the company has not developed 'viable' AI technology and its software is only run by a 'handful' of employees, resulting in misrepresentations about business prospects and financial projections. Counsel have not yet appeared for the defendants. The case is 2:24-cv-00971, D'agostino v. Innodata Inc.
AI & Automation
February 21, 2024, 12:50 PM