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Lyft Shareholders Win Class Status in Suit Over IPO Disclosures

Aug. 24, 2021, 5:44 PM

Lyft, Inc. lost its bid to toss part of a shareholder lawsuit after a federal court denied its motion for judgment on claims related to the company’s alleged failure to disclose “pervasive sexual assault and safety issues” before its 2019 initial public offering.

Judge Haywood S. Gilliam Jr. said he had already decided the claims were adequately pleaded and that Lyft hadn’t given him any reason to reconsider the issue.

The U.S. District Court for the Northern District of California judge also granted lead plaintiff Rick Keiner’s motion to certify a class comprising anyone “who purchased or otherwise acquired the ...