NEW YORK, March 23, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Lyft, Inc. (“Lyft” or the “Company”) (NASDAQ: LYFT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Lyft and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until May 6, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Lyft securities between 4:05 p.m. and 4:51 p.m. on February 13, 2024 (the “Class Period”). A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On February 13, 2024, at 4:05 p.m., Lyft issued a press release reporting its financial and operating results from the fourth quarter of 2023. The press release stated that Lyft anticipated an “[a]djusted EBITDA margin expansion . . . of approximately 500 basis points year-over-year.” In fact, Lyft only anticipated a 50-basis-point margin expansion. Following Lyft’s misstatement, the Company’s stock priced surged from its closing price of $12.13 per share to a high of $20.25 per share in aftermarket trading. On that same day, Lyft hosted a scheduled conference call to discuss the Company’s results, during which Chief Financial Officer Erin Brewer acknowledged and corrected the error in Lyft’s earnings release and clarified that the Company anticipated margin expansion of only 50 basis points, not 500. The Company subsequently issued a corrected earnings release at 6:02 p.m. on that same day.
Following Lyft’s correction of its error, the Company’s stock price fell $0.27 per share, or 2.18%, to close at $12.13 per share, damaging investors on February 13, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
