Lyft sued by investors for allegedly "misleading" IPO statements

Lyft is facing a class action brought by investors who allege that the surf company has exaggerated its position in the market during its initial public offering.

Investors said that they owed money after buying a stake in the company, which saw his shares fall by $ 9.02 earlier in May.

Law firm Rosen said Friday that investors also argued that Lyft's public statements were false and misleading, as more than 1,000 of his carpool bikes shared security concerns that led to their recall, and because of allegations that Lyft's drivers were Lyft. "

Lyft filed for his IPO in March, with shares originally offered at $ 72 and closing at $ 78.29 at the end of their first trading day.

Rival company Uber also saw his stock go down after debuts on the market last week.

Lyft was also sued by investors last monthas its stock price fell. At the time of publication, Lyft's shares were worth $ 53.79.

For the quarter ending March 31, Lyft reported revenue of $ 776 million, exceeding analysts' forecast of $ 739.48 million, and forecasting revenue of $ 800 million to $ 810 million. millions of dollars for the quarter ending in June. Lyft also said its active passenger count has risen from 14 million a year ago to 20.5 million now.

Lyft did not immediately respond to a request for comment.