BRIEF-HyreCar - On Dec 8, Co Placed Each Of Joseph Furnari, Co's CEO, On An Unpaid Leave Of Absence From Co For Indefinite Period Pending Investigations - Filing

Reuters2022-12-10

Dec 9 (Reuters) - HyreCar Inc :

* HYRECAR - ON DEC 8, CO PLACED EACH OF JOSEPH FURNARI, CO’S CEO, ON AN UNPAID LEAVE OF ABSENCE FROM CO FOR INDEFINITE PERIOD PENDING INVESTIGATIONS

* HYRECAR INC - HAS REVIEWED FEDERAL GRAND JURY SUBPOENA RECEIVED ON BEHALF OF CO ON DEC 1 FROM U.S. DISTRICT COURT FOR CENTRAL DISTRICT OF CALIFORNIA

* HYRECAR INC - DURING TERMS OF LOA, JOSEPH FURNARI AND MICHAEL FURNARI WILL CONTINUE TO BE EMPLOYED BY COMPANY

* HYRECAR INC - DURING TERMS OF LOA, JOSEPH FURNARI WILL NO LONGER PERFORM FUNCTION OF PRINCIPAL EXECUTIVE OFFICER

* HYRECAR INC - DURING TERMS OF LOA, MICHAEL FURNARI WILL NO LONGER PERFORM FUNCTION OF CHIEF BUSINESS DEVELOPMENT OFFICER

* HYRECAR INC - EDUARDO INIGUEZ WILL CONTINUE TO BE COMPENSATED PURSUANT TO TERMS OF HIS EXISTING EMPLOYMENT ARRANGEMENT WITH COMPANY

* HYRECAR - SUBPOENA IN CONNECTION WITH CRIMINAL INVESTIGATION BEING CONDUCTED BY U.S. ATTORNEY'S OFFICE FOR CENTRAL DISTRICT OF CALIFORNIA, DOJ'S CRIMINAL FRAUD SECTION

* HYRECAR -ON DEC 8, PLACED MICHAEL FURNARI, CHIEF BUSINESS DEVELOPMENT OFFICER, ON UNPAID LEAVE OF ABSENCE FOR INDEFINITE PERIOD PENDING INVESTIGATIONS

* HYRECAR INC - DURING LOA, JOSEPH FURNARI, MICHAEL FURNARI WILL NOT RECEIVE ANY PORTION OF RESPECTIVE SALARY UNDER TERMS OF RESPECTIVE EMPLOYMENT DEAL

* HYRECAR INC - JOSEPH FURNARI WILL CURRENTLY CONTINUE TO SERVE AS A DIRECTOR OF COMPANY DURING HIS LOA

* HYRECAR INC - JOSEPH FURNARI WILL NOT BE INVOLVED WITH COMPANY'S RESPONSE TO, OR OVERSIGHT OF, INVESTIGATIONS IN HIS CAPACITY AS DIRECTOR

* HYRECAR INC - BRIAN ALLAN, COMPANY'S PRESIDENT, WILL PERFORM DUTIES OF CHIEF BUSINESS DEVELOPMENT OFFICER DURING TERM OF MICHAEL FURNARI'S LOA

* HYRECAR-GRAND JURY SUBPOENA REQUIRES CO TO PRODUCE DOCUMENTS RELATING TO ENTRY INTO 10B5-1 PLANS, CERTAIN TRADES OF CO'S COMPANY STOCK BY CO INSIDERS DURING 2021

* HYRECAR INC - ON DEC 7, RECEIVED SUBPOENA FOR DOCUMENTS FROM U.S. SEC RELATING TO AN INVESTIGATION CONCERNING TRADING OF COMPANY'S STOCK

* HYRECAR INC - INTENDS TO FULLY COOPERATE WITH CRIMINAL INVESTIGATION AND SEC INVESTIGATION

* HYRECAR INC - HAS ESTABLISHED A COMMITTEE TO PROVIDE OVERSIGHT OF COMPANY'S CONDUCT OF INVESTIGATIONS

* HYRECAR -NEITHER CO NOR ANY OFFICER, DIRECTOR, OR EMPLOYEE OF CO HAS BEEN CHARGED WITH ANY CRIME OR CIVIL WRONGDOING IN CONNECTION WITH INVESTIGATIONS

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