Law Offices of Howard G. Smith reminds investors of the upcoming June 3, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased HireRight Holdings Corporation (“HireRight” or the “Company”) (NYSE: HRT) securities pursuant and/or traceable to the Offering Documents issued in connection with HireRight’s October 2021 initial public offering (the “IPO” or “Offering”).
Investors suffering losses on their HireRight investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 1, 2021, HireRight conducted its IPO, selling approximately 22 million shares of common stock at $19.00 per share.
Then, on January 19, 2023, Seeking Alpha reported that brokerage and investment banking firm, Stifel, found HireRight to be exposed to large technology firms where there is more acute employment and hiring risk, and that more of the Company’s growth comes from existing client hiring than from new.
On this news, HireRight’s stock price fell $0.88, or 7.5%, to close at $10.75 per share on January 19, 2023, thereby injuring investors.
The complaint filed in this class action alleges that the Offering Documents were negligently prepared and, as a result, contained materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) HireRight was exposed to customers with significant employment and hiring risk and the Company derived greater revenue growth from existing client hiring than from new client hiring; (2) as a result, the Company’s revenue growth was unsustainable to the extent that it relied on the stability of its current customers’ hiring and/or the profitability of securing new customers; (3) accordingly, HireRight had overstated its post-IPO business and/or prospects; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired HireRight securities pursuant and/or traceable to the IPO, you may move the Court no later than June 3, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240412749988/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
