Lyft has accused Morgan Stanley of supporting short-term moves among investors ahead of the company's historic IPO last year, according to CNBC.
The company sought answers from Morgan Stanley in a letter dated 2 April signed by Lyft's council manager Peter Stris, who asked the company for possible activity that supported investors who are contractually subject to lock agreements enter into the company's share.
A lock agreement is a legally binding contract issued by the guarantee authorities to a stock exchange listing prohibiting people near the company, including the manager and employees, from selling shares for a period, typically before the stock's debut.
CNBC also noted that the letter was an answer to a New York Post report citing three sources who said that Morgan Stanley supported Lft's hedging activities, even though the firm said in a statement it refused refused such activity.
A Morgan Stanley spokesperson also denied these reports to CNBC and said that the company "did not market or execute, directly or indirectly, a sale, short sale, hedge, exchange or transfer of risk or value related to any Lifting Store. Lifting shareholder identified by the company or otherwise known to us to be subject to a Lift Lock Agreement. "
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The IPO was just the beginning of more than 100 tech unicorns, or startup valued at $ 1 billion or more, which could be released in 2019, including Pinterest, Airbnb and Lift's rival-share app rival, Uber.