Lyft Argues IPO Docs Are Airtight In Seeking To Squash Suit

Law360 (May 15, 2020, 5:59 PM EDT) — Ride-sharing giant Lyft has sought to end shareholders’ proposed class action accusing the company of misleading prospective investors in the lead-up to its March 2019 initial public offering, telling a California federal judge it had carefully adhered to federal guidelines with its registration documents.

Two motions to dismiss the consolidated action were filed May 14 in the case — one by Lyft and individuals comprising its leadership, and one by the institutions that underwrote Lyft’s public offering.

Both groups of defendants told U.S. District Judge Haywood S. Gilliam Jr. that the investors failed to show in their allegations that the company violated the…

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