SAN DIEGO, May 06, 2019 (GLOBE NEWSWIRE) -- The law firm of Bottini & Bottini, Inc. announces that it has filed a class action lawsuit on behalf of Lyft stockholders in the Superior Court for the State of California, County of San Francisco (Case No. 19-575475). If you purchased Lyft common stock pursuant to the company’s recent initial public offering, your rights may be affected by this action. Lyft went public on March 29, 2019 at $72 per share, and its stock price declined by approximately 22% within two weeks. If you bought Lyft stock at any time between March 29, 2019 and the present and have suffered significant losses, contact us to discuss your legal rights.
The complaint alleges that the Registration Statement was materially inaccurate, misleading, and/or incomplete because it failed to disclose that: (1) Lyft's claimed ridesharing market position was overstated; and (2) more than 1,000 of the bicycles in Lyft's rideshare program suffered from safety issues that would lead to their recall. Accordingly, the price of Lyft' s shares was artificially and materially inflated at the time of the IPO. In addition, financial commentators such as Jim Cramer have suggested Lyft failed to ensure that its early investors would not flip their Lyft stock immediately after the IPO, thus causing the stock to tank after the IPO.
If you suffered a loss in Lyft stock and would like additional information, contact Frank A. Bottini, Esq. either via email fab@bottinilaw.com or by telephone at (858) 914-2001, or visit www.bottinilaw.com to discuss your rights or interests with respect to these matters without any cost to you.
BOTTINI & BOTTINI, INC. is a California-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. Additional information about the firm can be found at Bottini & Bottini’s website: www.bottinilaw.com.
Contact
BOTTINI & BOTTINI, INC.
Frank A. Bottini, Esq., (858) 914-2001
fab@bottinilaw.com
www.bottinilaw.com