STEVENSON, Md., June 11, 2019 (GLOBE NEWSWIRE) — The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of a class who purchased Lyft, Inc. (Nasdaq: LYFT) (“Lyft” or the “Company”) common stock pursuant or traceable to the Form S-1 Registration Statement and Prospectus issued in connection with Lyft’s March 2019 initial public stock offering (the “IPO”). Investors who wish to become proactively involved in the litigation have until July 16, 2019 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Lyft’s March 2019 IPO and/or during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s IPO that Lyft’s claimed ridesharing position was overstated, more than 1,000 of the bicycles in Lyft’s rideshare program suffered from safety issues that would lead to their recall, Lyft’s drivers were becoming disincentivized from driving for Lyft, and Lyft failed to warn investors that a labor disruption could affect its operations.
According to the complaint, following an April 11, 2019 filing of Uber’s Form S-1 claiming a market share of greater than 65%, and an April 15, 2019 report that Citi Bike was taking bikes out of service, the value of Lyft shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Lyft securities pursuant or traceable to the IPO and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153