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Shareholder Alert: Robbins LLP Reminds Investors Lyft, Inc. (LYFT) Sued for Misleading Shareholders

February 11, 2020 GMT

SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Feb 11, 2020--

Shareholder rights law firm Robbins LLP reminds investors that purchasers of Lyft, Inc. (NASDAQ: LYFT) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1933 pursuant to the company’s March 2019 initial public offering (“IPO”). Lyft is a ridesharing company.

If you suffered a loss as a result of Lyft’s misconduct, click here.

Lyft, Inc. (LYFT) Accused of Inflating its IPO Price

According to the complaint, Lyft held its IPO in March 2019, offering its stock at $72.00 per share for anticipated total proceeds of over $2 billion. In the immediate wake of the IPO, Lyft’s stock price declined as investors raised concerns that Lyft’s reported market share may have been overstated. Investor concerns were exacerbated on April 10, 2019, by reports that Uber, Lyft’s much larger competitor, was preparing to file for an initial public offering. The next day, Uber’s Form S-1 claimed a market share of greater than 65%, which undermined Lyft’s market share claim of 39%. A few days later, the New York Times reported that Lyft’s bikeshare program, Citi Bike, was pulling 1,000 bicycles from multiple cities in the wake of dozens of reported injuries and safety concerns. Lyft’s stock has declined in response to these revelations, and now trades at around $54 per share—almost 25% below its IPO price.

Lyft, Inc. (LYFT) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200211006112/en/

CONTACT: Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

LKandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2020.

PUB: 02/11/2020 06:41 PM/DISC: 02/11/2020 06:41 PM

http://www.businesswire.com/news/home/20200211006112/en