HireQuest

Nov 21, 2023

On November 8, 2023, HireQuest issued a press release announcing its financial results for its third quarter (“Q3”) of 2023. Among other results, HireQuest reported Q3 GAAP earnings-per-share of $0.12, missing consensus estimates by $0.05. Commenting on these results, HireQuest’s President and Chief Executive Officer Rick Hermanns disclosed that “[o]ur bottom line was again negatively impacted by workers compensation expense which had a net increase of $2.8 million compared to [Q3] 2022” and that “[w]e’re working with our partners in this area to adjust our plan to better reflect our business as it stands today and reduce its impact in the future, however no meaningful improvement can be expected until the second quarter of next year.” On this news, HireQuest’s stock price fell $2.88 per share, or 18.15%, to close at $12.99 per share on November 9, 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 billions of dollars in damages awards on behalf of class members. See  www.pomlaw.com . Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: