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

If you purchased shares of Lyft, Inc. (NASDAQ: LYFT), you have certain options and for certain investors are short and strict deadlines running. Deadline: July 16, 2019. NASDAQ: LYFT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Lyft
Case Name: 
Lyft Shareholder Class Action Lawsuit 05/17/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: LYFT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/17/2019
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
07/16/2019
Summary: 

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.