NEW YORK, March 05, 2024 (GLOBE NEWSWIRE) -- Today, prominent investor rights law firm Wolf Popper LLP (“Wolf Popper”) filed a class action lawsuit in the U.S. District Court for the Northern District of California alleging violations of the federal securities laws by Lyft, Inc. (“Lyft”) and certain of its officers. The action is brought on behalf of all persons who purchased or otherwise acquired Lyft common stock on a U.S. open market between February 13, 2024 at 4:05 p.m. through February 13, 2024 at 4:51 p.m. (the “Class”).
The case is captioned Yuan Chen v. Lyft, Inc., No. 3:24-cv-01330 (N.D. Cal.).
After the market closed on February 13, 2024, at 4:05 p.m., Lyft issued a press release reporting its fourth quarter 2023 operating results. The press release was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. The press release misrepresented 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. The misrepresentation with respect to margins caused Lyft’s common stock, which closed on February 13, 2024 at $12.13, to trade as high as $20.25 in the aftermarket.
Lyft began its earnings call on February 13, 2024 at 4:30 p.m. and it wasn’t until more than 17 minutes into the call that Lyft’s Chief Financial Officer referenced a 50 basis point expansion in Lyft’s adjusted EBITDA margin. That disclosure had an immediate impact on Lyft’s stock price, which fell from $19.52 a share at 4:45 p.m. to $12.92 shortly after 4:50 p.m. It took another seven minutes for the CFO to acknowledge that her reference to 50 basis points was “actually a correction from the press release.”
If you are a member of the Class, you may file a motion to be appointed lead plaintiff no later than 60 days after the publication of this notice, which is May 6, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
ABOUT WOLF POPPER: Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by courts. which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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For more information, please contact:
Robert C. Finkel
Wolf Popper LLP
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9620
Email: rfinkel@wolfpopper.com
Website: www.wolfpopper.com
