NEW YORK, April 17, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of TaskUs, Inc. (NASDAQ:TASK), Gatos Silver, Inc. (NYSE:GATO), MP Materials Corp. (NYSE:MP), and Cerence, Inc. (NASDAQ:CRNC). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
TaskUs, Inc. (NASDAQ:TASK)
Class Period: June 11, 2021 – January 19, 2022
Lead Plaintiff Deadline: April 25, 2022
The 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.”
This disclosure caused the value of TaskUs stock to decline dramatically, resulting in significant harm to investors.
For more information on the TaskUs class action go to: https://bespc.com/cases/TASK
Gatos Silver, Inc. (NYSE:GATO)
Class Period: October 28, 2020 IPO; October 28, 2020 – January 25, 2022
Lead Plaintiff Deadline: April 25, 2022
The litigation focuses on Gatos’ statements concerning its Cerro Los Gatos (“CLG”) mine located in Chihuahua, Mexico, including the Company’s estimates in its July 1, 2020 Technical Report (“2020 Technical Report”) that the CLG deposit “contains approximately 9.6 million diluted tonnes of proven and probable mineral reserves.”
According to the complaint, defendants made materially false and misleading statements and failed to disclose material adverse facts, including: (1) that the 2020 Technical Report contained errors; and (2) that, among other things, the …
