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Grabar Law Office Is Investigating Claims on Behalf of Long-Term Shareholders of Driven Brands Holdings, Inc. (NASDAQ: DRVN); Extreme Networks, Inc. (NASDAQ: EXTR); MGP Ingredients, Inc. (NASDAQ: MGPI); and TaskUs, Inc. (NASDAQ: TASK)
Grabar Law Office is investigating claims on behalf of long-term Driven Brands Holdings, Inc. (NASDAQ:DRVN) shareholders. The investigation concerns whether certain officers of the company have breached their fiduciary duties they owed to the company.
If you have held Driven Brands (NASDAQ:DRVN) shares continuously since prior to October 27, 2021, you can seek corporate reforms, the return of funds back to the Company, and a court approved incentive award at no cost you. Visit https://grabarlaw.com/the-latest/driven-brands-shareholder-investigation/ or contact Joshua H. Grabar at jgrabar@grabarlaw.com or call 267-507-6085 to learn more.
WHY: An underlying securities fraud class action complaint alleges that Driven Brands, through certain of its officers and directors, made numerous materially false and misleading statements and omissions pertaining to: (i) Driven Brands' ability to efficiently and effectively integrate a high volume of acquired businesses, including statements related to the status of integrating its U.S. auto glass businesses; and (ii) the performance and competitive position of Driven Brands' car wash business segment.
WHAT TO DO NOW: Current Driven Brands shareholders who have held Driven Brands shares since prior to October 27, 2021, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. If you would like to learn more about this matter at no cost to you, you are encouraged to visit https://grabarlaw.com/the-latest/driven-brands-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com or call 267-507-6085. $DRVN #DrivenBrands
Grabar Law Office is investigating claims on behalf of Extreme Networks, Inc. (NASDAQ:EXTR) shareholders. The investigation concerns whether certain officers of Extreme Networks have breached their fiduciary duties owed to the company.
Shareholders who have held Extreme Networks, Inc. (NASDAQ:EXTR) stocksince on or before July 27, 2022should visit https://grabarlaw.com/the-latest/extreme-networks-shareholder-investigation/. You can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you. You do not need to have lost money on your investment.
WHY: An underlying securities fraud class action complaint alleges that that Extreme Networks, through certain of its officers and directors, made false and/or misleading statements and failed to disclose the following adverse facts pertaining to Extreme's business, operations, and financial condition: (a) that Extreme Networks was suffering from adverse client demand trends as its clients had ordered more product from Extreme than needed in the wake of the COVID-19 pandemic to avoid supply shortages and because of a lack of alternative sourcing options and thereby had cannibalized their purchasing needs; (b) that Extreme Networks was increasingly offsetting these adverse organic demand trends with the fulfillment of backlog orders in a manner that materially exceeded the proportion represented to investors; (c) that, as a result of (a)-(b), Extreme Networks was drawing down its backlog at a much faster rate than represented to investors; (d) that, as a result of (a)-(c), Extreme Networks' backlog was already decreasing and at a much quicker pace than the Company's statements to investors that backlog would only "begin to shrink" in 4Q23 and it would be not until "fiscal ‘26 when it really goes back to normal"; (e) that, as a result of (a)-(d), Extreme Networks' backlog was not on track to continue increasing to $600 million; and (f) that, as a result of (a)-(e) above, Defendants had materially misrepresented Extreme Networks' organic demand, revenue growth, and market share gains as the fulfillment of Extreme's backlog masked a decline in organic demand and attendant revenues.
WHAT YOU CAN DO NOW: Current Extreme Networks shareholders who have held Extreme Networks shares since prior to July 27, 2022, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.
Philadelphia, PA - Grabar Law Office is investigating claims on behalf of shareholders of MGP Ingredients, Inc. (NASDAQ:MGPI). The investigation concerns whether certain officers of MGP Ingredients breached the fiduciary duties they owed to the Company.
Current shareholders who acquired MGP Ingredients prior to May 4, 2023, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them. Visit https://grabarlaw.com/the-latest/MGPI-shareholder-investigation/ or contact Joshua H. Grabar at jgrabar@grabarlaw.com or call 267-507-6085 to learn more.
Why? MGP Ingredients, Inc. manufactures alcoholic beverages and food ingredients. MGPI sells its own products under its own brand names as well as to manufacturers of other branded spirits.
As alleged in an underlying securities fraud class action complaint, sales of hard liquors, such as those produced and sold by MGPI, increased dramatically in the wake of COVID-19. However, as quarantines ended, sales of hard liquors slowed across the alcoholic beverage industry, and a backlog of inventory began to increase.
The underlying securities fraud class action complaint alleges that MGP Ingredients, Inc. (NASDAQ:MGPI), via certain of its officers, made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, it is alleged that Defendants repeatedly touted a strong demand and "normal" inventory levels in brown goods (such as American whiskies and tequila), when in fact there had been a slowdown in consumption and oversupply in their products.
What You Can Do Now? If you are a current shareholder who acquired MGPI shares prior to May 4, 2023,you can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you whatsoever. You are encouraged to visit https://grabarlaw.com/the-latest/MGPI-shareholder-investigation/ or contact Joshua H. Grabar at jgrabar@grabarlaw.com or call 267-507-6085 for further assistance. $MGPI #MGPI #MGPIngredients
Grabar Law Office is investigating claims on behalf of TaskUs, Inc. (NASDAQ:TASK) shareholders. The investigation concerns whether certain officers of TaskUs have breached their fiduciary duties owed to the company.
Current shareholders who acquired TaskUs shares on or near its June 11, 2021 IPO, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them. https://grabarlaw.com/the-latest/taskus-shareholder-investigation/, or contact Joshua H. Grabar at jgrabar@grabarlaw.com or call 267-507-6085 to learn more.
WHY? Key claims and allegations in a federal securities fraud class action complaint against TaskUs, Inc. (NASDAQ:TASK) and certain of its officers have survived a motion to dismiss.
The underlying complaint alleges that TaskUs, via certain of its officers and directors, made materially false and misleading positive statements about its business, when in truth: (1) TaskUs was experiencing severe financial strain and business challenges; (2) the Content Security market was smaller than Defendants represented and Defendants' representations were based on outdated market data; (3) TaskUs improperly recognized revenue from certain key contracts; (4) Defendants overstated the size of TaskUs' workforce as well as employee retention rates, and understated attrition rates; and (5) that, as a result of the foregoing, these positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
On January 25, 2024, the Federal Court in the underlying class action determined that, among other things, the Amended Complaint contains various allegations that reflect at least 1 officer's knowledge of attrition data beyond the Disclosed Attrition Rate. "Considered together, these allegations show that the company's senior management, in particular Maddock, possessed information concerning the company's Total Attrition Rate." As such, the Court determined that "Plaintiffs have adequately pleaded scienter regarding the statement that the company had "low attrition." The Court further found that the Amended Complaint sufficiently alleges loss causation with respect to the statements that TaskUs had "low attrition."
Motions for class certification have now been fully briefed.
WHAT YOU CAN DO NOW: Current TaskUs shareholders who have held TaskUs shares since on or near its June 11, 2021 IPO, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.
Contact: Joshua H. Grabar, Esq. Grabar Law Office One Liberty Place 1650 Market Street, Suite 3600 Philadelphia, PA 19103 Tel: 267-507-6085 Email: jgrabar@grabarlaw.com
