TASKUS INC. UPDATE: Berger Montague Investigates Securities Fraud Allegations TaskUs, Inc. (NASDAQ: TASK); Lead Plaintiff Deadline is April 26, 2022
PHILADELPHIA, March 9, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of TaskUs, Inc. (“TaskUs” or the “Company”) (NASDAQ: TASK) between June 11, 2021, through January 19, 2022 (the “Class Period”).
If you purchased TaskUs securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/taskus-inc/
Whistleblowers: Anyone with non-public information regarding TaskUs is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
The Lawsuit: TaskUS, based in New Braunfels, Texas, is an outsourcing company.
According to a recently filed lawsuit, TaskUs’ and senior management’s 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, were false and misleading.
Defendants’ claims were called into question on January 20, 2022, when analyst Spruce Point Management issued a report stating, among many other things, 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.”
The Spruce Point report caused TaskUs shares to fall $5.46 per share (or 15%), from a closing price of $35.59 per share on January 19, 2022, to a closing price of $30.13 per share on January 20.