Cases & Investigations
Lyft, Inc.
Type: Current Cases
Case Number: No. 3:24-cv-01330
Lead Plaintiff Deadline: 05/06/2024
Class Period: February 13, 2024 at 4:05 p.m. through February 13, 2024 at 4:51 p.m.
Defendant(s): Lyft, Inc.
Stock Symbol: NASDAQ: LYFT
Court: United States District Court for the Northern District of California (San Francisco Division)
If you are a member of the Class, you may retain us to file a motion to be appointed lead plaintiff no later than May 6, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
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.”
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