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HRT.US
id: 1174
HireRight Holdings Corporation (HRT) False IPO Statements Case
M.D. Tennessee
Court3:24-cv-00371
Case number29 Oct 2021
Class period Start04 Feb 2024
Class period End03 Jun 2024
Lead Plaintiff motion deadline- On April 1, 2021 securities class action has been filed against HireRight Holdings (HRT) on behalf of October 2021 IPO investors.
- Since December 2021, $HRT has been trading below its $19.00 IPO price, losing significant shareholder value.
- Investors may have grounds to suspect HireRight of distorting information in its Offering Documents, which led to their losses.
On October 6, 2021, HireRight filed a registration statement, and on November 1, 2021, filed a prospectus with the SEC in connection with the IPO. That same day, pursuant to the Offering Documents, HireRight's common stock began publicly trading on the NYSE (ticker symbol HRT).
The lawsuit states that HireRight distorted or concealed that
- The company was exposed to high-risk customers, and that revenue from existing clients grew faster than from new clients
- as a result, HireRight's revenue growth was at risk
- accordingly, HireRight had overstated its prospects; and (4)
- as a result, Company’s statements about the company's business, operations, and prospects were materially false and misleading.
Considering all the information, investors might have grounds to suspect HireRight of making untrue statements in its IPO , which led to their losses.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03 April 2024
Filing date
01 April 2024
Lead Plaintiff Deadline
03 June 2024
Judge
Waverly D. Crenshaw, Jr.