NEW YORK, May 22, 2019 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court  for  the  Northern District of California  on behalf of investors that acquired securities of Lyft, Inc. (NASDAQ: LYFT) (“Lyft”) pursuant and/or traceable to the Company’s March 2019 initial public offering (the “IPO” or the Offering”).

Investors who purchased the shares of Lyft, Inc. are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.

If you have incurred losses in the shares of Lyft, Inc., you may, no later than July 16, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Lyft, Inc.

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According to the filed complaint,  Lyft’s  Offering materials issued in connection with its IPO failed to disclose that:

• Lyft’s claimed ridesharing position was overstated;
   
• more than 1,000 of the bicycles in Lyft’s rideshare program suffered from safety issues that would lead to their recall;
   
• Lyft failed to warn investors that a labor disruption could affect its operations; and
   
• as a result, Lyft’s public statements were materially false and misleading at all relevant times.

On March 28, 2019, Lyft  conducted   an  IPO offering 32.5 million shares to the public priced at $72.00 per share.  Since the IPO, Lyft’s stock price has fallen to as low as $47.17 per share on May 13,  2019, representing a decline of 34.7% from the $72.00 offering price.

Wolf Haldenstein Adler Freeman & Herz LLP  has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at   www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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