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Lyft, Inc. (NASDAQ: LYFT) Investor Securities Class Action Lawsuit 05/17/2019

  • If you purchased shares of Lyft, Inc. (NASDAQ: LYFT), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Lyft, Inc.
Security
NASDAQ: LYFT

Case Name
Lyft Shareholder Class Action Lawsuit 05/17/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

September 8, 2020 - The court granted in part and denying in part the defendants' motion to dismiss.

May 14, 2020 - A motion to dismiss the consolidated amended complaint was filed.

April 16, 2020 - A consolidated amended complaint was filed.

May 17, 2019 - An investor in shares of Lyft, Inc. (NASDAQ: LYFT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Lyft, Inc. in connection with certain allegedly false and misleading statements made in connection with the company’s March 29, 2019 initial public offering (“IPO”).

San Francisco, CA based Lyft, Inc. operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. Lyft, Inc. reported that its annual Total Revenue rose from over $1.05 billion in 2017 to over $2.15 billion in 2018 and that its Net Loss increased from $688.3 million in 2017 to $911.33 million in 2018. Lyft, Inc. went public in late March 2019 and shares sold at $72.00 per share, valuing the company at $20.5 billion. Since then shares of Lyft, Inc. (NASDAQ: LYFT) declined to $55.56 per share during April 15, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Lyft, Inc. (NASDAQ: LYFT) common shares, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the defendants made false and misleading statements in Lyft’s registration statement and prospectus issued in connection with the company’s March 29, 2019 initial public offering. The alleged misstatements involve Lyft’s claims about its domestic market share, failure to disclose issues surrounding the safety of the company’s bike sharing program, and labor issues.