A securities class action has been filed against HyreCar Inc. (HYRE) on behalf of all purchasers of HyreCar securities between May 14, 2021 through August 10, 2021. This case has been filed in the USDC – C.D.CA.
The Complaint alleges that during the Class Period, as detailed herein, defendants made false and misleading statements and engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of HyreCar securities and operated as a fraud or deceit on Class Period purchasers of HyreCar securities by misrepresenting the value of the Company’s business and prospects by concealing negative aspects of the Company’s insurance products and claims incidence. As defendants’ misrepresentations and fraudulent conduct became apparent to the market, the price of the Company’s securities fell precipitously as the prior artificial inflation came out of the stock’s price. As a result of their purchases of HyreCar securities during the Class Period, plaintiff and other members of the Class suffered economic loss, i.e., damages, under the federal securities laws.