San Francisco ride-sharing firm Lyft is facing a lawsuit from numerous investors, over claims that it misled them to inflate the company's share price for its IPO. The class-action case, which was filed in US federal court, alleges that Lyft made false and misleading statements to misrepresent its market position, leading to investors losing money once the share price dropped. Individual executives from the organisations and bank underwriters have also been named as defendants.
US ride-sharing firm Lyft is facing a lawsuit from numerous investors, over claims that it misled them to inflate the company's share price for its IPO. The class-action case, which was filed in San Francisco federal court, alleges that Lyft made false and misleading statements to misrepresent its market position, leading to investors losing money once the share price dropped. Individual executives from the organisations and bank underwriters have also been named as defendants.