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NEW YORK, Aug. 30, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of HyreCar Inc.. ("HyreCar" or the "Company") (Nasdaq: HYRE) from May 14, 2021 through August 10, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Act of 1934.
If you purchased HyreCar securities, and/or would like to discuss your legal rights and options please visit HyreCar Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
According to the complaint, HyreCare issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the Company's business, operations, and financial condition, which were known to, or recklessly disregarded by, the Defendants as follows: (a) that HyreCare had materially understated its insurance reserves; (b) that HyreCar had systematically failed to pay valid insurance claims incurred prior to the Class Period; (c) that HyreCar had incurred significant expenses transitioning to its new third-party insurance claims administer nd processing claims incurred from prior periods; (d) that HyreCar had failed to appropriately price risk in its insurance products and was experiencing elevated claims incidence as a result; (e) that HyreCar had been forced to dramatically reform its claims underwriting, policies and procedures in response to unacceptably high claims severity and customer complaints; and (f) that, as a result of the foregoing, HyreCar's operations and prospects were misrepresented because the Company 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, EBITDA and net loss trajectories.
On August 10, 2021, HyreCar announced disappointing results for the quarterly period ending on June 30, 2021, including a net loss of $9.3 million. HyreCar also disclosed it had incurred skyrocketing costs of revenue during the quarter primarily as a result of significantly higher insurance claims incidence.
On this news, the price of HyreCar shares fell almost 50%, to close at $9.85 per share on May 12, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased HyreCar securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/hyrecarinc-hyre-shareholder-class-action-lawsuit-fraud-stock-434/apply/ or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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