Lyft sued by investors for losing capital

When Lyft became public Last month, its first trading day was strong with its share price closing at $ 78.29. That's $ 6.29 more than the price of his stock before opening $ 72.

Then things took a turn. On the second day, the share price of the chairlift company had dropped to $ 69.01. Since then, the track is downhill. At Thursday's close, Lyft's share price was $ 58.36.

On Wednesday, investors filed two separate class actions against Lyft, according to Bloomberg. They allege that the company distorted its position in the market when it went public by saying Dominated 39% of the hiking market when he could actually be less. The cases were filed in the state court of San Francisco, where Lyft's headquarters is located.

Lyft was the first technology unicorn to go public in 2019, a year that is expected to be rich in initial public offerings in Silicon Valley. Uber rival Lyft publicly filed with the US Securities and Exchange Commission last week for what could be the biggest IPO in US history. In the days following Uber's filing, Lyft's shares fell dramatically to an unprecedented low of $ 56.11 on Monday.

A Lyft spokeswoman declined to comment on the lawsuits.