Shareholder Alert: Robbins LLP Reminds Investors Lyft, Inc. (LYFT) Sued for Misleading Shareholders
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
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.
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SOURCE: Robbins LLP
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PUB: 02/11/2020 06:41 PM/DISC: 02/11/2020 06:41 PM