HyreCar Securities Class Action Investigation – Class Action Lawsuit Filed On Behalf of HyreCar Investors
Kehoe Law Firm, PC
HYRE investors with losses greater than $ 25,000 are encouraged to contact the law firm Kehoe, PC
PHILADELPHIA, PA, USA, Aug. 30, 2021 /EINPresswire.com/ – Kehoe Law Firm, PC is investigating whether HyreCar Inc. (“HyreCar” or the “Company”) (NASDAQ: HYRE) has violated US securities laws.
HyreCar Investors who purchased or otherwise acquired HyreCar securities between May 14, 2021 and August 10, 2021 (both days inclusive) (the “Class Period”) and suffered financial losses in excess of US $ 25,000 encouraged to contact the law firm Kehoe, PC to learn more about the securities investigation or potential securities claims.
HyreCar investors should be aware that on August 27, 2021, in the United States District Court, Central District of California, on behalf of buyers of HyreCar securities during the class action period, a class action lawsuit (2: 21-cv-06918) is filed against the company was submitted.
Under the class action lawsuit, HyreCar has made materially false and / or misleading statements for failing to disclose the following adverse facts relating to the company’s business, operations, and financial condition, which the HyreCar Defendants were aware of or lightly disregarded by the HyreCar Defendants as follows: (a) that HyreCar had materially underestimated its insurance reserves; (b) that HyreCar has systematically failed to pay valid insurance claims that arose prior to the class period; (c) that HyreCar incurred significant costs in moving to its new Liability Insurance Officer and handling claims from prior periods; (d) that HyreCar had failed to adequately price the risk in its insurance products and, as a result, experienced an increased frequency of claims; (e) that HyreCar has been forced to drastically reform its insurance, policies and procedures in response to unacceptably high claims severity and customer complaints; and (f) that the foregoing has misrepresented HyreCar’s business and prospects because the company was unable to meet the financial estimates made to investors during the class action period and, in fact, those estimates were in fact inconclusive, including Alleged Gross Margin, EBITDA and net loss history by HyreCar.
HYRECAR SHAREHOLDERS WHO HAVE PURCHASED OR OTHERWISE PURCHASED SECURITIES OF THE COMPANY DURING THE CLASS PERIOD AND HAVE EXPERIENCED LOSSES IN excess of US $ 25,000 are encouraged to contact MICHAEL YARNOFF (2156, 792, ESQ. 804, [email protected], [email protected], TO DISCUSS THE CLASS ACTION INVESTIGATION OR POSSIBLE LEGAL CLAIMS.
Kehoe Law Firm, PC, with offices in New York and Philadelphia, is a multidisciplinary plaintiffs law firm dedicated to protecting investors from securities fraud, fiduciary breaches, and corporate misconduct. Together, the law firm’s partners have served as lead counsel or co-lead counsel in cases where more than $ 10 billion has been reclaimed on behalf of institutional and individual investors.
This communication may constitute a solicitation.
Michael Yarnoff, Esq.
Kehoe Law Firm, PC
+12157926676, ext. 804
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August 30, 2021 at 2:17 pm GMT
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