Lyft Investors Get Lead Counsel in Consolidated Derivative Suits

Lyft Inc. shareholders who accused the company’s leadership of misleading them about customer and worker problems ahead of its 2019 public offering secured lead counsel for their newly consolidated suit in federal court in California.

Brown Law Firm PC and Levi & Korsinsky LLP will serve as co-lead counsel, the U.S. District Court for the Northern District of California said Wednesday.

The ridehailing platform’s directors and officers allegedly “omitted a litany of serious issues,” including physical and sexual assaults, bike injuries, and driver discontent, the shareholders said in their derivative complaint.

The shareholders filed a joint stipulation and proposed order consolidating the cases in December, and Magistrate Judge Jacqueline Scott Corley signed the order without changes.

The consolidation and lead counsel arrangement will “apply to each related shareholder derivative action involving the same or substantially the same allegations, claims, and defendants, and arising out of the same, or substantially the same, transactions or events” that’s later “filed in, removed to, reassigned to, or transferred to” the district, the order said.

Latham & Watkins LLP represents Lyft.

The consolidated case is In re Lyft Inc. Derivative Litig., N.D. Cal., No. 3:20-cv-09257, order docketed 1/6/21.