Some Lyft traders aren’t so joyful they went alongside for the IPO trip.
Lyft is dealing with a class-action lawsuit from traders who allege the ride-hailing enterprise overstated its market place throughout its preliminary public providing.
Buyers stated they’re owed cash after shopping for a stake within the firm, whichearlier in Could.
Rosen Legislation Agency stated on Friday that traders are additionally arguing that Lyft’s public statements had been false and deceptive as a result of greater than 1,000 of its ride-share bicycles had issues of safety resulting in their recall, and due to allegations that Lyft’s drivers turned “disincentivized from driving for Lyft.”
in March, with shares initially supplied at $72 and .
Rival firmafter final week.
, as its inventory value fell. As of publication, Lyft shares had been value $53.79.
For the quarter ending March 31, Lyft reported income of $776 million, increased than the $739.48 million forecast by analysts, and it is predicting between $800 million and $810 million in income for the quarter ending in June. Lyft additionally reported that its variety of lively riders grew from 14 million a yr in the past to 20.5 million now.
Lyft did not instantly reply to a request for remark.