This lawsuit is for anyone who acquired securities in HyreCar, Inc. (NASDAQ: HYRE) from May 14, 2021 through August 10, 2021.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company could control costs by implementing its proprietary method for reducing insurance claims made against its insureds when really all the Company was doing to make it appear that the Company was reducing costs was refusing to pay valid claims.
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 price of the Company's stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in HyreCar, Inc. (NASDAQ: HYRE) from May 14, 2021 through August 10, 2021 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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If Representing an Institution, Name of Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.