Deadline on May 6th coming up in Lawsuit for Investors who lost money with shares of Lyft, Inc. (NASDAQ: LYFT)

A deadline is coming up on May 6, 2024 in the lawsuit filed for certain investors of Lyft, Inc. (NASDAQ: LYFT) over alleged securities laws violations by Lyft, Inc.

Investors who purchased shares of Lyft, Inc. (NASDAQ: LYFT) have certain options and there are strict and short deadlines running. Deadline: May 6, 2024. NASDAQ: LYFT stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On February 13, 2024, at 4:05 p.m., Lyft, Inc. issued a press release reporting its fourth quarter 2023 operating results. The press release was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. The press release stated that Lyft, Inc. anticipated an "[a]djusted EBITDA margin expansion … of approximately 500 basis points year-over-year." However, in reality Lyft, Inc. only anticipated a 50 basis point margin expansion.

Nevertheless Lyft, Inc.'s common stock, which closed on February 13, 2024 at $12.13, traded as high as $20.25 in the aftermarket.

Then on February 13, 2024 at 4:30 p.m. Lyft, Inc. began its earnings call and after more than 17 minutes into the call Lyft's Chief Financial Officer referenced a 50 basis point expansion in Lyft's adjusted EBITDA margin.

Lyft's stock price, which fell from $19.52 a share at 4:45 p.m. to $12.92 shortly after 4:50 p.m.
The plaintiff alleges that tt took another seven minutes for the CFO to acknowledge that her reference to 50 basis points was "actually a correction from the press release."

According to the complaint the plaintiff alleges on behalf of purchasers of Lyft, Inc. (NASDAQ: LYFT) common shares , that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants knew that many if not most of the shares that traded in the aftermarket were shorts that were covering their positions and therefore were motivated not to move promptly to correct the press release and that the presence of the large short position had a negative impact on the Individual Defendants' ability to earn stock-based performance bonuses.

Those who purchased shares of Lyft, Inc. (NASDAQ: LYFT) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.