Lyft, Inc.

Ticker: LYFT

Class Period Start: 02/13/2024

Class Period End: 02/13/2024

Registration Deadline: 03/06/2024

A securities class action has been filed in the USDC N.D.CA. against Lyft, Inc. (“Lyft” or the “Company”), On behalf of all persons who purchased or otherwise acquired common shares on a U.S. open market during the class period February 13, 2024 at 4:05 p.m. through February 13, 2024 at 4:51 p.m, both dates inclusive (the “Class Period”).

 

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.”

 

If you purchased Lyft securities during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

 

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