NEW YORK, April 18, 2019 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased shares of Lyft, Inc. (“Lyft” or “Company”) (NASDAQ: LYFT).   

On or about March 28, 2019, Lyft sold 32.5 million shares of common stock at $72.00 per share in the Company’s Initial Public Offering (“IPO”) for gross proceeds of $2.34 billion, not including the underwriters’ option to purchase an addition 1.625 million shares.  In the first day of trading, March 29, 2019, Lyft’s shares reached an intraday high of $88.60 per share.  

On April 15, 2019, the New York Business Journal reported that “Brake issues caused Lyft-owned Citi Bike to pull fleet of e-bikes from service.” Similarly, the New York Times published an article reporting that “pedal-assist bikes operated by Lyft-owned companies in New York City, San Francisco and Washington were removed based on concerns over the brakes.”  Following this news, the price of Lyft’s shares fell $3.785 per share, about 6.3%, to close at $56.11 per share, 22% below the IPO price.

Additionally, on April 15, 2019 an action was filed on behalf of investors who purchased Lyft’s common stock pursuant or traceable to the Company’s IPO.  The action alleges that the offering documents for Lyft’s IPO overstated its market share and failed to disclose that more than 1,000 bicycles in Lyft’s rideshare program suffered from safety issues that would lead to their recall.

If you purchased Lyft shares, and would like to discuss our investigation, please contact us by emailing [email protected] or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

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SOURCE Kaplan Fox & Kilsheimer LLP