NEW YORK, Nov. 21, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Mastech Digital, Inc. ("Mastech" or the "Company") (NYSE: MHH). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Mastech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 2, 2022, Mastech issued a press release announcing the Company's financial results for the third quarter of 2022. Among other items, Mastech disclosed that the Company "experienced a cyber-security breach of a single employee email account for which we reserved $450,000 related to the costs of engaging cyber-security advisors to assist us in properly closing this matter and for other potential losses associated with the breach. Also, during the quarter, we made a decision in the Data and Analytics Services segment to close our underperforming operations in Singapore and Ireland and to rationalize our operating cost structure in the UK. Accordingly, we reserved $120,000 of severance expense related to these actions." In addition, Mastech reported that gross margins declined due to low utilization and a $0.3 million cost over-run on a fixed price project".
On this news, Mastech's stock price fell $1.56 per share, or 10.17%, to close at $13.75 per share on November 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
View original content to download multimedia:
SOURCE Pomerantz LLP