Lyft, Inc. (NASDAQ: LYFT) Securities Fraud Class Action

Lyft investors may receive additional information about the case by clicking the link "Submit Your Information" above.  If you are a member of the class described below, you may no later than May 6, 2024 move the Court to serve as lead plaintiff of the class, if you so choose.

A class action lawsuit has been filed on behalf of those who purchased or acquired Lyft, Inc. (“Lyft”) (NASDAQ: QDEL) securities between February 13, 2024 at 4:05 p.m. ET and February 13, 2024, both dates inclusive (the “Class Period”). 

Case Background:

On February 13, 2024, at 4:05 p.m., Lyft issued a press release reporting its financial and operating results from the fourth quarter of 2023.  The press release stated 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.

Following Lyft's misstatement, the company's stock priced surged from its closing price of $12.13 per share to a high of $20.25 per share in aftermarket trading.  On that same day, Lyft hosted a scheduled conference call to discuss the company's results, during which Chief Financial Officer, Erin Brewer, acknowledged and corrected the error in Lyft's earnings release and clarified that the company anticipated margin expansion of only 50 basis points, not 500.  Lyft subsequently issued a corrected earnings release at 6:02 p.m. on that same day. 

Following Lyft's correction of its error, the company's stock price fell $0.27 per share, or 2.18%, to close at $12.13 per share on February 13, 2024.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  Jonathan Naji, Esq. (484) 270-1453 or via e-mail at [email protected].  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.