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HyreCar Inc.

Corporate Governance / Derivative

  • Date:
  • 3/4/2022
  • Company Name:
  • HyreCar Inc.
  • Stock Symbol:
  • HYRE
  • Status:
  • Investigating
  • Filing Date:
  • 8/27/2021

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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against HyreCar, Inc. (NASDAQ: HYRE) on behalf of long-term stockholders following a class action complaint that was filed against HyreCar on August 27, 2021 and with a class period from February 3, 2021 to August 17, 2021. Our investigation concerns whether the board of directors of HyreCar have breached their fiduciary duties to the company.
 
The complaint alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) HyreCar had materially understated its insurance reserves; (ii) HyreCar had systematically failed to pay valid insurance claims incurred prior to the Class Period; (iii) HyreCar had incurred significant expenses transitioning to its new third-party insurance claims administrator and processing claims incurred from prior periods; (iv) HyreCar had failed to appropriately price risk in its insurance products and was experiencing elevated claims incidence as a result; (v) HyreCar had been forced to dramatically reform its claims underwriting, policies, and procedures in response to unacceptably high claims severity and customer complaints; and (vi) as a result, HyreCar's operations and prospects were misrepresented because HyreCar 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, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), and net loss trajectories. 
 
If you are a long-term stockholder of HyreCar, have information, 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 Brandon Walker or Alexandra B. Raymond by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out the form below. There is no cost or obligation to you.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in HyreCar Inc.. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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