NEW YORK, April 19, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Lyft, Inc. ("Lyft" or the "Company") (NASDAQ: LYFT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Lyft and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 28, 2019, Lyft conducted an initial public offering ("IPO"), offering 32.5 million shares to the public priced at $72.00 per share. Subsequent to the IPO, news emerged that more than 1,000 of the bicycles in Lyft's rideshare program suffered from safety issues that would lead to their recall, and that Lyft's claimed ridesharing market position was overstated.
Since the IPO, Lyft's stock price has fallen as low as $56.11 per share, representing a decline of roughly 22% from the $72.00 offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP