In spite of disputes against Morgan Stanley in a letter sent to the investment bank, Lifts claimed Tuesday, accusing the firm of supporting short selling for investors subject to lock-up agreements.
In the letter, Lyft asked the company about its alleged role in helping market-safe products that would help pre-investors to invest in the shares, according to a CNBC report citing the letter and unidentified sources. The letter was signed by Peter Stris by the law firm Stris & Maher, who served as advice for Lyft, CNBC reported.
Lyft and Stris & Maher did not respond to requests for comment.
Developments follow the reporting by The New York Post on Monday that Morgan Stanley had deliberately helped pre-IPO investors protect against a drop in stock, despite so-called "lock up" agreements that will prevent them from doing so Morgan Stanley is the lead author of the upcoming IPO of Uber-Lyft's largest rival rival
Posten also reported that the lock agreement was written in a way that allowed Lyft Investors to make limited "short "games. Short sellers are investors who bet Lift will lose value.
According to CNBC, Morgan Stanley has not formally responded to the letter.
But in a statement to FOX Business, a spokesman for Morgan Stanley refused to execute" directly or indirectly a sale, short sale, hedge, exchange or transfer of risk or value related to the Lift Share of any shareholder in the Lift identified by the Company or otherwise known for use to be liable stand for a lock agreement.
"Our company's business has been in the normal course of marketing, and any proposal that Morgan Stanley has engaged in searching & # 39; short press & # 39; until Lift is false," said the spokesman.
reported the threat of legal action of Lift
|LIFT||LIFT INC.||74.45||+2.45 [1[ads1]9659020] + 3.40%|
which was valued at around $ 24 billion, debuted at the end of March, originally traded for $ 87.24 – well over $ 72 per share it had been priced at. of the most anticipated IPOs in the year Lift closed at $ 74.45 per share on Friday
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