LYFT SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased the securities of Lyft Inc., (LYFT) on or around March 29, 2019. The lawsuit seeks to recover Lyft, Inc. shareholders’ investment losses.
If you purchased shares of Lyft, Inc. on or around March 29, 2019, and would like to join the action, please click “Join Class Action” above.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Lyft Inc. (“Lyft” or the “Company) (NASDAQ: LYFT) pursuant to or traceable to Lyft’s initial public offering (“IPO”) on or around March 29, 2019.
The complaint, which is pending in the United States District Court for the Northern District of California, alleges that Defendants violated the Securities Act of 1933.
According to the lawsuit, Lyft’s Offering materials issued in connection with its IPO failed to disclose that: (1) Lyft’s claimed ridesharing position was overstated; (2) more than 1,000 of the bicycles in Lyft’s rideshare program suffered from safety issues that would lead to their recall; (3) Lyft’s drivers were becoming disincentivized from driving for Lyft; (4) Lyft failed to warn investors that a labor disruption could affect its operations; and (5) as a result, Lyft’s public statements were materially false and misleading at all relevant times.
As the true facts emerged in the wake of the IPO, the Company’s shares fell from $72 per share to $57 per share on April 15, 2019.
If you are interested in discussing your rights as a Lyft investor or have information relating to this matter, please contact Matthew Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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