New York, New York--(Newsfile Corp. - October 14, 2021) - Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of HyreCar Inc. (NASDAQ: HYRE).
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Affected shareholders purchased shares of HYRE between May 14, 2021 and August 10, 2021
Shareholders interested in representing the class of wronged shareholders have until October 26, 2021 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, HyreCar Inc. issued materially false and/or misleading statements and/or failed to disclose that: (a) HyreCar had materially understated its insurance reserves; (b) HyreCar had systematically failed to pay valid insurance claims incurred prior to the Class Period; (c) HyreCar had incurred significant expenses transitioning to its new third-party insurance claims administrator and processing claims incurred from prior periods; (d) HyreCar had failed to appropriately price risk in its insurance products and was experiencing elevated claims incidence as a result; (e) 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) as a result, 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 (earnings before interest, taxes, depreciation, and amortization), and net loss trajectories.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
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