According to the Complaint, Lyft, Inc. is a ridesharing company.

The Complaint alleges that Defendants made false and misleading statements in Lyft’s registration statement and prospectus issued in connection with the company’s March 29, 2019 initial public offering. The alleged misstatements involve Lyft’s claims about its domestic market share, failure to disclose issues surrounding the safety of the company’s bike sharing program, and labor issues.

On July 25, 2019, the Court issued an Order consolidating cases. On March 4, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on April 16. Defendants filed a Motion to Dismiss the consolidated amended Complaint on May 14. Lead Plaintiff voluntarily dismissed the Underwriter Defendants from the case on June 11. On September 8, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on September 25, 2020. On August 20, 2021, the Court issued an Order granting Class Certification.

The parties entered into a Stipulation and Agreement of Settlement on June 8, 2022. Lead Plaintiff filed a second consolidated amended Complaint on June 16. The parties revised the Stipulation and Agreement of Settlement on November 30. On December 16, the Court granted preliminary approval of the Settlement.

On March 23, 2023, Lead Plaintiff filed a second consolidated amended Complaint.

On August 7, 2023, the Court granted final approval of the Settlement and approved the Motion for Attorneys' Fees and Expenses. On September 11, the Court entered Final Judgment.

On November 14, 2024, the Court issued an Order approving distribution of the Settlement funds.