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Lyft shareholders gain class status in lawsuit over IPO disclosures

August 24. 02.2021, 5:44 p.m.

  • Lawsuit alleges Lyft failed to disclose sexual assault and bicycle problems
  • Refuses request to seal certain underlying data, for now

Lyft, Inc. lost its offer to settle part of a shareholders’ lawsuit after a federal court denied its motion for judgment on claims related to the company’s alleged failure to disclose “widespread sexual assault and safety issues” prior to its 2019 IPO.

Judge Haywood S. Gilliam Jr. said he had already decided the claims were adequately represented and Lyft had given him no reason to reconsider the matter.

The U.S. District Court judge for the Northern District of California also granted lead plaintiff Rick Keiner’s motion to certify a class that includes anyone “who has the …

Holly Barker

Legal Rapporteur

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