TaskUs, Inc.’s (TASK) Business Prospects Questioned in Spruce Point Report
Robbins LLP is investigating TaskUs, Inc. (NASDAQ: TASK) to determine whether certain TaskUs officers and directors violated the Securities Exchange Act of 1934 and breached fiduciary duties to shareholders. TaskUs provides outsourcing services for companies worldwide.
On January 20, 2022, Spruce Point Capital Management, LLC issued a short-seller report on TaskUs. In the report, Spruce Point states, “After conducting a forensic financial and accounting review, Spruce Point believes shares of TaskUs, Inc. (Nasdaq: TASK) … 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 report notes the shortcomings of its CEO, CFO, and Principal Accounting Officer, and issues with its financial assumptions and presentation methods, among other things. On this news, TaskUs’s stock fell $5.46, or over 15%, to close at $30.13 per share on January 20, 2022, injuring investors.
TaskUs, Inc. (TASK) shareholders have legal options. If you own, or have previously owned, shares of TaskUs, Inc., contact us for more information about your rights.
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