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The Law Offices of Frank R. Cruz Announces Investigation of HyreCar Inc. (HYRE) on Behalf of Investors

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LOS ANGELES, August 31, 2021--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of HyreCar Inc. ("HyreCar" or the "Company") (NASDAQ: HYRE) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On August 10, 2021, after the market closed, HyreCar announced financial results for second quarter 2021, reporting net losses of $9.3 million compared to losses of $3.8 million in the prior year period. The Company also disclosed that it had incurred higher costs of revenue "primarily [due to] additional insurance claims of $2.8 million . . . and incidental payments incurred prior to March 31, 2021 in excess of the reserves and accruals."

On this news, the Company’s share price fell 50% to close at $9.85 per share on August 11, 2021, thereby injuring investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased HyreCar securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210831006054/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com