In re Lyft Inc. Securities Litigation

I. BACKGROUND

1 Lyft is a rideshare company that “sought to revolutionize transportation by launching its 2 peer-to-peer marketplace for on-demand ridesharing.” CCAC at ¶ 4. Lyft registered its issuance 3 of common stock “under the Securities Act of 1933, as amended, pursuant to Lyft’s registration 4 statement on Form S-1 (File No. 333-229996) declared effective on March 28, 2019.” Id. at ¶ 3. 5 Lyft offered 32.5 million shares to the public through an initial public offering (“IPO”) at a price 6 of $72.00 per share, generating total proceeds of $2.34 billion. Id. at ¶ 5. 7 According to Plaintiff, Lyft made representations in the Registration Statement and 8 Prospectus filed in connection with the IPO that “were materially misleading, omitted information 9 necessary in order to make the statements not misleading, and omitted material facts required to be 10 stated therein.” Id. ¶ 6. “Specifically, the Registration Statement misled investors with respect to: 11 (1) the potential for severe reputational damage and legal liability due to rampant sexual assaults 12 committed by Lyft drivers; (2) the Company’s actual national market share; (3) the key metrics 13 promoted by the…