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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Lyft, Inc. - LYFT
News provided byPomerantz LLP
May 03, 2022, 1:25 AM ET
NEW YORK, May 3, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Lyft, Inc. ("Lyft" or the "Company") (NASDAQ: LYFT). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Lyft and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 29, 2022, post-market, Lyft filed a Form 8-K with the United States Securities and Exchange Commission which advised that "[a]s part of preparing the Q1'22 consolidated financial statements of Lyft, Inc. [. . .] an error was identified related to the accounting of losses ceded under the Quota Share Reinsurance Agreement [. . .] with DARAG Bermuda LTD [. . .], under which DARAG reinsured a legacy portfolio of auto insurance policies." The Form 8-K further advised that "[a]s a result of this error, on April 28, 2022, the Audit Committee [. . .] of the Board of Directors of Lyft, after discussion with the Company's management, concluded that Lyft's consolidated financial statements as of and for the year ended December 31, 2021 - and the related audit report of PricewaterhouseCoopers LLP - included in its 2021 Annual Report on Form 10-K [. . .] as well as the Company's condensed consolidated financial statements as of and for the quarter ended September 30, 2021 (and for the nine months then ended) included in its Q3'21 Form 10-Q should no longer be relied upon." Finally, the Form 8-K revealed that "[a]s a result of this restatement, Lyft's management has re-evaluated the effectiveness of the Company's disclosure controls and procedures as well as its internal control over financial reporting as of December 31, 2021. Management has concluded that the Company's disclosure controls and procedures were not effective as of September 30, 2021 and December 31, 2021, and its internal control over financial reporting was not effective as of December 31, 2021."
On this news, Lyft's stock price fell $1.10 per share, or 3.37%, to close at $31.50 per share on May 2, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP