Lyft Beats Investor Lawsuit Over Typo in Company Press Release

Lyft Inc. succeeded in fending off a proposed shareholder class action alleging the ride-share company defrauded investors when failing to quickly correct a typo in an earnings press release caused the stock to briefly surge.

Judge Trina L. Thompson dismissed the suit Thursday, saying the shareholders failed to show that Lyft’s correction 42 minutes after the statement was first released was an unreasonable amount of time.

The San Francisco-based online ridesharing company released an earnings press statement late in the afternoon on Feb. 13, 2024, saying that one of its expected earnings margins would expand by 500 basis points when ...