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Lyft Seeks to Toss IPO Investor Claim It Hid Price War With Uber

July 1, 2021, 8:21 PM

A securities suit filed by a proposed class of Lyft Inc. investors failed to allege the ride-hailing company made misleading statements or omissions about its market share and price competition with other platforms, the company told a San Francisco state court judge Thursday.

The investors, who allege they purchased Lyft stock when the company made its initial public offering in 2019, said Lyft’s statements about its market share gain over the prior two years and its overall position in the U.S. ridesharing market were key selling points when they chose to purchase.

But statements made in Lyft’s registration statement and ...