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NEW YORK, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating certain officers and directors of CarLotz, Inc. (NASDAQ: LOTZ), HyreCar Inc. (NASDAQ: HYRE), Cassava Sciences, Inc. (NASDAQ: SAVA), and Katapult Holdings, Inc. (NASDAQ: KPLT) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.
CarLotz, Inc. (NASDAQ: LOTZ)
Bragar Eagel & Squire is investigating certain officers and directors of CarLotz, Inc. following a class action complaint that was filed against CarLotz on July 8, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made material misrepresentations concerning the following: (1) that, due to a surge in inventory during the second half of fiscal 2020, CarLotz was experiencing a "logjam" resulting in slower processing and higher days to sell; (2) that, as a result, the Company’s gross profit per unit would be negatively impacted; (3) that, to minimize returns to the corporate vehicle sourcing partner responsible for more than 60% of CarLotz’s inventory, the Company was offering aggressive pricing; (4) that, as a result, CarLotz’s gross profit per unit forecast was likely inflated; (5) that this Company’s corporate vehicle sourcing partner would likely pause consignments to the Company due to market conditions, including increasing wholesale prices; and (6) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
To learn more about our investigation into CarLotz go to: https://bespc.com/cases/LOTZ
HyreCar Inc. (NASDAQ: HYRE)
Bragar Eagel & Squire is investigating certain officers and directors of HyreCar Inc. following a class action complaint that was filed against HyreCar on August 27, 2021.
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.