Class Action Reports

HYRE Class Action: Learn About the HyreCar Lawsuit

Levi & Korsinsky, LLP

August 30, 2021

Levi & Korsinsky, LLP announces that an HYRE class action lawsuit has been filed on behalf of investors who purchased HyreCar Inc. (HYRE) securities between May 14, 2021, and August 10, 2021. For more on the HYRE Lawsuit please contact us today.

 

Levi & Korsinsky

 

According to the HyreCar lawsuit, throughout the Class Period defendants made 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.

 

TO LEARN MORE ABOUT THE HYRE CLASS ACTION LAWSUIT, CLICK HERE

 

If you suffered a loss in HyreCar you have until October 26, 2021, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

 

 

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

55 Broadway, 10th Floor

New York, NY 10006

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

www.zlk.com