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Home / Business / Lift's Messy IPO becomes more complicated thanks to Two Investor Class-Action lawsuits

Lift's Messy IPO becomes more complicated thanks to Two Investor Class-Action lawsuits



Promise co-founders John Zimmer, ahead of others from the left, and Logan Green, in front of others from the right, cheer as they call a ceremonial opening bell in Los Angeles.
Photo: Ringo HW Chiu (AP)

Lyft's first public offering of headache just got worse.

On Wednesday, Bloomberg reported that following Lyft's original public offer, which did not go well, the company now sees two separate legal cases from investors. At the time the company was announced last month, Salmon's shares were first priced at $ 72. But shortly, the share price began to fall and continued to fall – with the company at $ 58.36 from Thursday.

According to Bloomberg, investors in their suits – both were filed in the state law of San Francisco Lyft's allegation of a 39 percent market share – might not be fully consistent with reality.

The successes are also due to the fact that the company did not alert investors before the new electric bicycle recall, another problem that the company is currently facing (except of course from ongoing controversy over Lyft's work practices).

A spokesman for Lyft refused to comment on the lawsuits.

Earlier this week, it was announced that Lyft took his newly acquired fleet of e-bikes from the streets of New York, San Francisco and Washington among reports of braking problems, resulting in rider damage.

A spokesman for Citi Bike, run by Lyft-eid Motivate, told Gizmodo in an e-mail statement that "after a small number of reports and with great caution, we are actively proving our electric bikes from service." that it worked to replace electric bicycles in the three markets with regular bicycles in the meantime to avoid operational disturbances.

In short, Lyft's very bad week was even more complicated.

[Bloomberg]


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