| COMPANY |
TaskUs, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
22-cv-01479 |
| JUDGE |
The Honorable John Peter Cronan |
| CLASS PERIOD |
June 11, 2021 - January 19, 2022 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired TaskUs, Inc. (“TaskUs”) (NASDAQ: TASK) securities between June 11, 2021 and January 19, 2022, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) TaskUs was experiencing severe financial strain and business challenges, particularly with its most important customer Facebook; (2) the Content Security market was smaller than the defendants represented and the defendants’ representations were based on outdated market data; (3) TaskUs improperly recognized revenue from certain key contracts; (4) the defendants overstated the size of TaskUs’ workforce as well as employee retention rates, and understated attrition rates; and (5) as a result of the foregoing, the defendants’ positive statements about TaskUs’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
Current Status of Case:
On January 5, 2024, the Court entered an Order granting in part and denying in part the Motion to Dismiss the Amended Complaint. Defendants filed Answer to the Amended Complaint on February 9, 2024. On May 10, 2024, Lead Plaintiff filed a Motion to Certify Class. The Motion is fully briefed and pending before the Court. This action is in the discovery phase and ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.