NEW YORK, May 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Teleperformance SE (“Teleperformance” or the “Company”) (OTCMKTS: TLPFY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Teleperformance and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 4, 2022, Forbes published an article alleging that Teleperformance had subjected its workers to poor working conditions, using real, graphic images and videos of child sexual abuse to train its TikTok content moderators, while “conversations with former employees reveal[ed] the extent to which moderators were both under-trained and overworked.”
On this news, Teleperformance’s American Depositary Receipt (“ADR”) price fell $7.75 per ADR, or 4.6%, to close at $160.94 per ADR on August 5, 2022.
Then, on November 9, 2022, Time reported that “Colombia’s Ministry of Labor has launched an investigation into TikTok subcontractor Teleperformance, relating to alleged union-busting, traumatic working conditions and low pay.”
On this news, Teleperformance’s ADR price fell $24.55 per ADR, or 18.6%, to close at $107.77 per ADR on November 10, 2022.
Finally, on March 22, 2023, four months after the Company “unanimously” decided to exit the “highly egregious” content moderation business, Teleperformance announced that it would be reentering the field. Market analysts observed that the move was an indication of the Company’s overall business and growth prospects. One HSBC Global Research analyst report stated that the “U-turn on content moderation raises concerns about communication, governance and broad fundamentals.”
On this news, Teleperformance’s ADR price fell $6.87 per ADR, or 5.7%, over three trading sessions to close at $112.82 per ADR on March 24, 2023.
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
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