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.”


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