Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired HireRight Holdings Corporation (“HireRight” or the “Company”) (NYSE: HRT) securities pursuant and/or traceable to the Offering Documents issued in connection with HireRight’s October 2021 initial public offering (the “IPO” or “Offering”). HireRight investors have until June 3, 2024 to file a lead plaintiff motion.

If you suffered a loss on your HireRight investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/HireRight-Holdings-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On November 1, 2021, HireRight conducted its IPO, selling approximately 22 million shares of common stock at $19.00 per share.

Then, on January 19, 2023, Seeking Alpha reported that brokerage and investment banking firm, Stifel, found HireRight to be exposed to large technology firms where there is more acute employment and hiring risk, and that more of the Company’s growth comes from existing client hiring than from new.

On this news, HireRight’s stock price fell $0.88, or 7.5%, to close at $10.75 per share on January 19, 2023, thereby injuring investors.

The complaint filed in this class action alleges that the Offering Documents were negligently prepared and, as a result, contained materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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, the Company’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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired HireRight securities pursuant and/or traceable to the IPO, you may move the Court no later than June 3, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240410757840/en/