HyreCar Inc.


Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In HyreCar To Contact Him Directly To Discuss Their Options

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against HyreCar Inc. (“HyreCar” or the “Company”) (NASDAQ: HYRE) and reminds investors of the October 26, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $50,000 investing in HyreCar stock or options between May 14, 2021 and August 10, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310)

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) HyreCar had materially understated its insurance reserves; (2) HyreCar had systematically failed to pay valid insurance claims incurred prior to the Class Period; (3) HyreCar had incurred significant expenses transitioning to its new third-party insurance claims administrator and processing claims incurred from prior periods; (4) HyreCar had failed to appropriately price risk in its insurance products and was experiencing elevated claims incidence as a result; (5) HyreCar had been forced to dramatically reform its claims underwriting, policies, and procedures in response to unacceptably high claims severity and customer complaints; and (6) as a result, HyreCar's operations and prospects were misrepresented because HyreCar was not on track to meet the financial estimates provided to investors during the Class Period, and such estimates lacked a reasonable basis in fact, including HyreCar's purported gross margin, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), and net loss trajectories.

On this news, the price of HyreCar stock fell nearly 50% in a single day to close at $9.85 per share on August 11, 2021, on abnormally high volume of over 5.8 million shares traded. 

As a result of defendants’ wrongful acts and omissions, and the precipitous declines in the market value of HyreCar securities, plaintiff and other members of the Class (defined below) have suffered significant losses and damages for which they seek redress through this action.

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HyreCar Inc.

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Details

Filed on 08/27/2021

Ticker HYRE

Lead Plaintiff Deadline 10/26/2021

34 days remaining

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

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(877) 247-4292
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Atlanta, Georgia 30342
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Philadelphia, Pennsylvania 19103
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(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

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Faruqi & Faruqi office in Atlanta, Georgia

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