Lyft, Inc.
Case Overview
8 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 05/06/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Lyft, Inc. |
Court: | Court: Northern District of California |
Case Number: | Case Number: 3:24cv01330 |
Class Period: | Class Period: 02/13/2024 - 02/13/2024 |
Ticker: | Ticker: LYFT |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Lyft, Inc. (“Lyft” or the “Company”) (NASDAQ: LYFT) securities during the period from February 13, 2024 at 4:05 p.m. through February 13, 2024 at 4:30 p.m., inclusive. Investors have until May 6, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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. On this news, the price of Lyft shares declined by $6.60 per share, or approximately 33.8%, from $19.52 at 4:45 p.m. on February 13, 2024 per share to close at $12.92 shortly after 4:50 p.m. on February 14, 2024.
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. On this news, the price of Lyft shares declined by $6.60 per share, or approximately 33.8%, from $19.52 at 4:45 p.m. on February 13, 2024 per share to close at $12.92 shortly after 4:50 p.m. on February 14, 2024.