Shareholders sue Lyft over alleged securities fraud from profit metric error in earnings report.
Lyft has been sued by shareholders alleging securities fraud after a mistake in a recent earnings report led to a surge in the ride-sharing company's stock price. The shareholders' lawsuit claims that Lyft misrepresented a key profit metric, causing a temporary 67% increase in the company's share price. The error was later corrected, but the shareholders argue that Lyft waited too long to formally admit and correct the mistake.
March 06, 2024
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