NEW YORK, May 24, 2019 /PRNewswire/ -- Bernstein Liebhard
LLP, a nationally acclaimed investor rights law firm, announced
that a securities class action lawsuit has been filed on behalf of
those who purchased or acquired the securities of Lyft Inc. ("Lyft"
or the "Company) (NASDAQ: LYFT) pursuant to or traceable to Lyft's
initial public offering ("IPO") on or around March 29, 2019.
The complaint, which is pending in the
United States District Court for the Northern District of
California, alleges that
Defendants violated the Securities Act of 1933. If you wish to
serve as lead plaintiff in the Lyft Class Action Lawsuit, you
must move the Court no later than July 16,
2019. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. Your
ability to share in any recovery does not require that you serve as
lead plaintiff. If you choose to take no action, you may
remain an absent class member.
According to the lawsuit, Lyft's Offering materials issued in
connection with its IPO failed to disclose that: (1) Lyft's claimed
ridesharing position was overstated; (2) more than 1,000 of the
bicycles in Lyft's rideshare program suffered from safety issues
that would lead to their recall; (3) Lyft's drivers were becoming
disincentivized from driving for Lyft; (4) Lyft failed to warn
investors that a labor disruption could affect its operations; and
(5) as a result, Lyft's public statements were materially false and
misleading at all relevant times.
As the true facts emerged in the wake of the IPO, the Company's
shares fell from $72 per share to
$57 per share on April 15, 2019.
If you purchased Lyft securities, and/or would like to discuss
your legal rights and options, please visit
https://www.bernlieb.com/cases/lyft-inc-lyft-lawsuit-class-action-fraud-stock-135/
or contact Matthew Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP