NEW YORK, May 24, 2019 /PRNewswire/ — Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Lyft Inc. (“Lyft” or the “Company) (NASDAQ: LYFT) pursuant to or traceable to Lyft’s initial public offering (“IPO”) on or around March 29, 2019.  

The complaint, which is pending in the United States District Court for the Northern District of California, alleges that Defendants violated the Securities Act of 1933. If you wish to serve as lead plaintiff in the Lyft Class Action Lawsuit, you must move the Court no later than July 16, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

According to the lawsuit, Lyft’s Offering materials issued in connection with its IPO failed to disclose that: (1) Lyft’s claimed ridesharing position was overstated; (2) more than 1,000 of the bicycles in Lyft’s rideshare program suffered from safety issues that would lead to their recall; (3) Lyft’s drivers were becoming disincentivized from driving for Lyft; (4) Lyft failed to warn investors that a labor disruption could affect its operations; and (5) as a result, Lyft’s public statements were materially false and misleading at all relevant times.

As the true facts emerged in the wake of the IPO, the Company’s shares fell from $72 per share to $57 per share on April 15, 2019.

If you purchased Lyft securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/lyft-inc-lyft-lawsuit-class-action-fraud-stock-135/ or contact Matthew Guarnero toll free at (877) 779-1414 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information

Matthew Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]

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SOURCE Bernstein Liebhard LLP