Case Summary

Lyft

NASDAQ: LYFT

Case Details

  • Chen v. Lyft, Inc. et al.
  • Class Period:February 13, 2024, at 4:05 p.m. - February 13, 2024, at 4:51 p.m.
  • Date Filed:March 05, 2024
  • Jurisdiction:U.S. District Court, Northern District of California
  • Docket Number: 3:24-cv-01330
  • Lead Plaintiff Deadline: May 6, 2024
Days Left to
Seek Plaintiff
13

Overview

A class action lawsuit has been filed against Lyft, Inc. (“Lyft” or the “Company”) (NASDAQ: Lyft) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934.  The Lyft lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Lyft common shares on a U.S. open market during the class period February 13, 2024, at 4:05 p.m. through February 13, 2024, at 4:51 p.m., both dates inclusive (the “Class Period”), and investors have until April 29, 2024 to seek appointment as lead plaintiff of the Lyft class action lawsuit.

Lyft is a prominent ride-sharing company.  Lyft also focuses on developing its communities overall and has started many programs that target transportation enhancement in different cities in the United States and Canada.  Lyft also offers solutions for organizations of all sizes to provide rides for the people they care about.

After the market closed on February 13, 2024, at 4:05 p.m., Lyft issued a press release reporting its fourth quarter 2023 operating results.  The press release was also filed with the U.S. Securities and Exchange Commission as an exhibit to a Form 8-K.  The press release misrepresented that Lyft anticipated an adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margin expansion of approximately 500 basis points year-over-year.

In fact, Lyft only anticipated a 50-basis point margin expansion.  The misrepresentation with respect to margins caused Lyft’s common stock, which closed on February 13, 2024, at $12.13, to trade as high as $20.25 in the aftermarket.  Lyft began its earnings call on February 13, 2024, at 4:30 p.m. and it was not until more than 17 minutes into the call that Lyft’s Chief Financial Officer (“CFO”) referenced a 50-basis point expansion in Lyft’s adjusted EBITDA margin.  That disclosure had an immediate impact on Lyft’s stock price, which fell from $19.52 a share at 4:45 p.m. to $12.92 shortly after 4:50 p.m.  It took another seven minutes for the CFO to acknowledge that her reference to 50-basis points was a correction from the press release.

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If you purchased or otherwise acquired Lyft (NASDAQ: LYFT) common shares on a U.S. open market during the class period February 13, 2024, at 4:05 p.m. through February 13, 2024, at 4:51 p.m., both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Lyft lawsuit is May 6, 2024.

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