In a recent development, both Bloomberg Law and Reuters have cast a spotlight on the class-action lawsuit brought forth by Wolf Popper LLP against Lyft Inc. The articles published on March 6, 2024, detail the allegations of federal securities law violations made by Wolf Popper against Lyft and certain of its officers. The lawsuit, filed in the U.S. District Court for the Northern District of California, pertains to the period between February 13, 2024, at 4:05 p.m. through February 13, 2024, at 4:51 p.m., and is on behalf of all individuals who purchased or acquired Lyft common stock on the U.S. open market during this timeframe.
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.
The lawsuit itself is a response to Lyft’s earnings gaffe during the mentioned timeframe. The articles suggest that the misrepresentation was not a trivial mistake but a serious deviation from accuracy, according to the claims made by Wolf Popper on behalf of the affected shareholders.
Both Bloomberg Law and Reuters examine the complaint and highlight key aspects of the legal action against Lyft. Wolf Popper’s statement, as cited in the Bloomberg Law article, underscores the allegations: “Defendants knew that many if not most of the shares that traded in the aftermarket were shorts that were covering their positions and therefore were motivated not to move promptly to correct the press release.” Reuters quotes the Wolf Popper complaint, stating, “The misrepresentation was so apparent that it went beyond mere negligence and amounted to a reckless indifference to the truth.”
The articles shed light on the potential ramifications for Lyft and its implicated officers. As the case unfolds in the U.S. District Court for the Northern District of California, the broader implications for securities law and corporate accountability will undoubtedly be closely watched.
Representatives of Lyft did not respond to requests for comment.
The case is Chen v. Lyft, Inc., 24-cv-01330, US District Court, Northern District of California (San Francisco).
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