SAN DIEGO & SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24LYFT&src=ctag” target=”_blank”gt;$LYFTlt;/agt; lt;a href=”https://twitter.com/hashtag/ClassAction?src=hash” target=”_blank”gt;#ClassActionlt;/agt;–Shareholder rights law firm Robbins
Arroyo LLP announces 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.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/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
revelation, and trades at around $58 per share—almost 20% below its IPO
price.
Lyft Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins Arroyo 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.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
