HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts TaskUs, Inc. (TASK) Investors with Losses in Excess of $300K to Opportunity to Lead Securities Class Action
SAN FRANCISCO, March 1, 2022 /PRNewswire/ -- Hagens Berman urges TaskUs, Inc. (NASDAQ: TASK) investors with significant losses to submit your losses now. A securities fraud class action has been filed and investors with significant losses have an opportunity to lead the case.
Class Period: June 11, 2021 – Jan. 19, 2022
Lead Plaintiff Deadline: Apr. 25, 2022
Visit: www.hbsslaw.com/investor-fraud/TASK
Contact An Attorney Now: [email protected]
844-916-0895
TaskUs, Inc. (TASK) Securities Fraud Class Action:
The complaint alleges TaskUs and senior management made false and misleading statements and/or failed to disclose claims about the company's content monitoring and moderation services ("Content Security") business, a core offering largely tied to Facebook, the size of that market, and workforce-related metrics.
Defendants' claims came under question on Jan. 20, 2022, when analyst Spruce Point Management issued a strong sell opinion, in part based on interviews with former TaskUs executives. According to Spruce Point, 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." More specifically, Spruce Point: (1) accuses TaskUs of cherry-picking reputable third-party data to embellish its growth and avoid disclosing a slowdown in its Content Security business; (2) reported that, according to a former employee and competitor filings, TaskUs has been minimizing its growing competition; (3) raises questions about TaskUs' revenue and expense recognition practices; and, (4) cites TaskUs' Facebook-related accounts receivable growth far outstripping Facebook-related sales growth as evidence the company and senior management have obfuscated problems with Facebook and the Content Security business.
This news drove the price of TaskUs shares sharply lower.
"We're focused on investors' losses and proving TaskUs misrepresented its business and compliance with relevant accounting rules, misrepresented Content Security market size and growth rate, and misrepresented the Facebook relationship and related margins," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in TaskUs and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding TaskUs should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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