NEW YORK, Nov. 07, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Mastech Digital, Inc. (“Mastech” or the “Company”) (NYSE: MHH). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation concerns whether Mastech and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On November 2, 2022, Mastech issued a press release announcing the Company’s third quarter 2022 financial results. Among other things, Mastech announced that the company “experienced a cybersecurity breach of a single employee email account for which we have set aside $450,000 related to the cost of hiring cybersecurity consultants to help us with this.” to resolve the matter properly, and for other potential losses related to the breach. In addition, during the quarter we made decisions 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 have accrued $120,000 in severance costs related to these actions.” In addition, Mastech reported that gross margins declined due to low utilization and a $0.3 million cost overrun on a fixed-price project.

As a result of 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.

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