SHAREHOLDER ALERT: Law firm Pomerantz is investigating claims on behalf of investors in Lyft, Inc.

NEW YORK, May 30, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in 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. 7980.

The investigation focuses on whether Lyft and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On April 29, 2022post-market, Lyft filed a Form 8-K with the U.S. Securities and Exchange Commission stating that “[a]s in connection with the preparation of the first quarter 22 consolidated financial statements of Lyft, Inc. [. . .] an error was identified in the accounting for losses ceded under the quota share reinsurance agreement [. . .] with DARAG Bermuda LTD [. . .]under which DARAG reinsured a portfolio of former automobile insurance policies.” The Form 8-K further stated that “[a]result of this error, on April 28, 2022the audit committee [. . .] of Lyft’s Board of Directors, after discussion with Company management, has concluded that Lyft’s consolidated financial statements as of and for the year ended December 31, 2021 – and related audit report of PricewaterhouseCoopers LLP – included in its 2021 Annual Report on Form 10-K [. . .] together with the condensed consolidated financial statements of the Company as at and for the quarter ended September 30, 2021 (and for the nine months then ended) included in its Form Q3’21 10-Q should no longer be relied upon.” Finally, the Form 8-K revealed that “[a]As a result of this restatement, Lyft’s management reassessed the effectiveness of the Company’s disclosure controls and procedures and its internal control over financial reporting effective December 31, 2021. Management has concluded that the Company’s disclosure controls and procedures were not effective at the September 30, 2021 and December 31, 2021and its internal control over financial reporting was not effective at December 31, 2021.”

At this news, Lyft’s stock price plummeted. $1.10 per share, or 3.37%, to close at $31.50 per share on May 2, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SOURCE Pomerantz LLP

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