Lyft taken legal action against by financiers over sinking stock

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Lyft has actually experienced a rocky very first couple of weeks on the stock exchange.


Lyft

When Lyft went public last month, its very first day of trading was strong, with its share cost closing at $78.29. That’s $6.29 greater than its preopen share cost of $72. 

Then things deviated. By day 2, the ride-hailing business’s share cost was up to $69.01. It’s been on a downhill slide since. As of Thursday’s close, Lyft’s share cost was $58.36.

On Wednesday, financiers submitted 2 different proposed class action suits versus Lyft, according to Bloomberg. They declare the business misrepresented its market position when it went public stating it controlled 39 percent of the ride-hailing market when it may in fact be less. The cases were submitted in San Francisco’s state court where Lyft is headquartered.

Lyft was the very first tech unicorn to go public in 2019, a year that’s anticipated to be filled with Silicon Valley going publics. Lyft competitor Uber openly submitted with the United States Securities and Exchange Commission recently for what might be the biggest IPO in United States history. In the days following Uber’s filing, Lyft’s stock dipped drastically to a lowest level of $56.11 on Monday.

A Lyft spokesperson decreased to discuss the suits.

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