The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lyft, Inc. (NASDAQGS: LYFT) who purchased shares between March 28, 2019 and April 17, 2019. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Lyft lawsuit alleges that the Company'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.
Shareholders have until July 16, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
Please fill out the form to learn more