LOS ANGELES, Sept. 14, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of HyreCar, Inc. (NASDAQ: HYRE) investors that acquired shares between May 14, 2021 and August 10, 2021. Investors have until October 26, 2021 to seek an active role in this litigation.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
It is alleged in this lawsuit that HyreCar throughout the Class Period made misleading and/or false statements and/or failed to disclose that: (1) HyreCar’s insurance reserves were materially understated; (2) Prior to the Class Period, HyreCar had systematically failed to pay valid insurance claims that were incurred; (3) HyreCar had incurred significant expenses in its transition to its new third-party insurance claims administrator and processing claims incurred from prior periods; (4) HyreCar had failed to price risk in its insurance products appropriately and as a result was experiencing elevated claims incidence; (5) In response to unacceptably high claims severity and customer complaints, HyreCar had been forced to dramatically reform its claims underwriting, policies and procedures; and (6) HyreCar’s prospects and operations were misrepresented because the company was not on track to meet its financial estimates provided to investors during the Class Period, such estimates lacking a reasonable basis in fact, including HyreCar’s purported gross margin, EBITDA and net loss trajectories, as a result of the foregoing. The lawsuit claims that investors suffered damages, when the true details entered the market.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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