NEW YORK, NY / ACCESSWIRE / May 3, 2022 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Lyft, Inc. (“Lyft” or the “Company) (NASDAQ:LYFT). Investors who purchased Lyft securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/lyft.
The investigation concerns whether Lyft and certain of its officers and/or directors have violated federal securities laws.
On April 29, 2022, post-market, Lyft filed a Form 8-K with the United States Securities and Exchange Commission which advised that “[a]s part of preparing the Q1’22 consolidated financial statements of Lyft, Inc. [. . .] an error was identified related to the accounting of losses ceded under the Quota Share Reinsurance Agreement [. . .] with DARAG Bermuda LTD [. . .], under which DARAG reinsured a legacy portfolio of auto insurance policies.” The Form 8-K further advised that “[a]s a result of this error, on April 28, 2022, the Audit Committee [. . .] of the Board of Directors of Lyft, after discussion with the Company’s management, concluded that Lyft’s consolidated financial statements as of and for the year ended December 31, 2021 – and the related audit report of PricewaterhouseCoopers LLP – included in its 2021 Annual Report on Form 10-K [. . .] as well as the Company’s condensed consolidated financial statements as of and for the quarter ended September 30, 2021 (and for the nine months then ended) included in its Q3’21 Form 10-Q should no longer be relied upon.” Finally, the Form 8-K revealed that “[a]s a result of this restatement, Lyft’s management has re-evaluated the effectiveness of the Company’s disclosure controls and procedures as well as its internal control over financial reporting as of December 31, 2021. Management has concluded that the Company’s disclosure controls and procedures were not effective as of September 30, 2021 and December 31, 2021, and its internal control over financial reporting was not effective as of December 31, 2021.” On this news, Lyft’s stock price fell $1.10 per share, or 3.37%, to close at $31.50 per share on May 2, 2022.
If you are aware of any facts relating to this investigation or purchasedLyft shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/lyft. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC
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