Lyft Investors’ Fight Over 2019 IPO Gets Lead Plaintiff, Counsel

Lyft Inc. investors who accused the company of misleading them about its performance and prospects ahead of a 2019 initial public offering secured a lead plaintiff in California federal district court.

The ridehailing platform allegedly hid problems with market share and dissatisfied drivers to keep the IPO price high. Investor Rick Keiner will serve as lead plaintiff with Block & Leviton LLP as lead counsel, the U.S. District Court for the Northern District of California said Wednesday.

Because Lyft allegedly made multiple partial disclosures to correct misleading statements, the most accurate way to determine the movants’ financial interest is by ...