Shareholder Alert: Robbins LLP Reminds Investors Lyft, Inc. (LYFT) Sued for Misleading Shareholders
February 11 2020 - 6:41PM
Business Wire
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.
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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
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