TASKUS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against TaskUs, Inc.
LEAD PLAINTIFF DEADLINE IS APRIL 25, 2022
NEW YORK, March 02, 2022 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors of TaskUs, Inc. (NASDAQ:TASK) (“TaskUs” or the “Company”) who purchased shares between June 11, 2021 and January 19, 2022, inclusive (the “Class Period”).
All investors who purchased the shares of TaskUs, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in TaskUs, Inc. you may, no later than April 25, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in TaskUs, Inc.
PLEASE CLICK HERE TO JOIN THE CASE
TaskUs is a business process outsourcing company that provides services to technology companies, including the moderation of user and advertiser generated content.
The filed complaint alleges that throughout the Class Period, Defendants claimed that TaskUs had “industry-leading growth and profitability” and a “simply massive” market opportunity. The complaint further alleges that Defendants touted the size of the Company’s workforce and “low employee attrition levels” which “leads to lower hiring and training costs.”
These statements were materially false and misleading. On January 20, 2022, Spruce Point Capital Management, LLC (“Spruce Point”) issued a report titled “Moderating the Bull Case Content” based on its “forensic financial and accounting review” of TaskUs. Spruce Point found that TaskUs, “has a pattern of exaggerated and inflated business claims, including revenue, and is covering-up financial strain with reduced disclosures, cherry-picked market data, and non-standard key performance metrics.” Additionally, Spruce Point stated, “we find evidence of increasing strain in the relationship” between TaskUs and its largest customer Facebook “and believe margins and cash flow are set to contract more than expected.” Spruce Point also stated, “we find a pattern of [TaskUs] embellishing the size of its workforce and making overly optimistic revenue growth claims.”
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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