Kessler Topaz Meltzer & Check, LLP Announces Securities Class Action Lawsuit Filed Against HireRight Holdings Corporation (HRT)

RADNOR, Pa., April 06, 2024 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee against HireRight Holdings Corporation (“HireRight”) (NYSE: HRT). The action charges HireRight with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of HireRight’s materially misleading statements and omissions to the public, HireRight’s investors have suffered significant losses.

CLICK HERE TO SUBMIT YOUR HIRERIGHT LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/hireright-holdings-corporation?utm_source=PR&utm_medium=link&utm_campaign=hrt&mktm=r

LEAD PLAINTIFF DEADLINE: JUNE 3, 2024

CLASS PERIOD: PURSUANT AND/OR TRACEABLE TO HIRERIGHT'S OCTOBER 2021 IPO

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at [email protected]  

Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we’ve achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.

In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers - persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at [email protected] or go to https://www.ktmc-whistleblower.com.

DEFENDANTS’ ALLEGED MISCONDUCT
On October 6, 2021, HireRight filed a registration statement with the SEC in connection with the IPO. On November 1, 2021, HireRight filed a prospectus with the SEC in connection with the IPO, which incorporated and formed part of the registration statement (the "prospectus" and, collectively with the registration statement, the "Offering Documents"). That same day, pursuant to the Offering Documents, HireRight's common stock began publicly trading on the New York Stock Exchange under the ticker symbol HRT.

Pursuant to the Offering Documents, HireRight issued approximately 22 million shares of its common stock to the public at the Offering price of $19.00 per share for proceeds to the company of approximately $399 million after applicable underwriting discounts and commissions, and before expenses.

The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation. Specifically, the complaint alleges the Offering Documents made false and/or misleading statements and/or failed to disclose that: (1) HireRight was exposed to customers with significant employment and hiring risk and the company derived greater revenue growth from existing client hiring than from new client hiring; (2) 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; (3) accordingly, HireRight had overstated its post-IPO business and/or prospects; and (4) as a result, Defendants' statements about the company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

At the time of the filing of the complaint, HireRight's common stock continued to trade below the $19.00 per share IPO price.

WHAT CAN I DO?
HireRight investors may, no later than June 3, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages HireRight investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against HireRight, Deutsch v. HireRight Holdings Corporation, et al., Case No. 24-cv-00371, is filed in the United States District Court for the Middle District of Tennessee.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP     
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]