NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- 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 rswilloughby@pomlaw.com 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.