NEW YORK, April 04, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of all persons and entities who purchased securities of HireRight Holdings Corporation (“HireRight” or the “Company”) (NYSE: HRT) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Offering Documents”) issued in connection with HireRight’s October 2021 initial public offering (the “IPO”).
The Complaint alleges that the Company’s Offering Documents made false and/or misleading statements and/or failed to disclose that: (i) HireRight was exposed to customers with significant employment and hiring risk and HireRight derived greater revenue growth from existing client hiring than from new client hiring; (ii) as a result, HireRight’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; (iii) accordingly, HireRight had overstated its post-IPO business and/or prospects; and (iv) as a result, defendants’ statements about HireRight’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of HireRight should contact the Firm prior to the June 3, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
