Lyft has reached a $25 million settlement to resolve shareholder claims that the ride-hailing company concealed safety problems, including alleged sexual assaults by drivers, before its 2019 initial public offering.
The preliminary settlement was filed on Thursday with the federal court in Oakland, California, and requires approval by US District Judge Haywood Gilliam Jr.
Lyft denied wrongdoing in agreeing to settle.
The San Francisco-based company became the first ride-hailing business to go public when it raised $2.34 billion in its March 2019 initial public offering (IPO).
Investors who bought shares in the IPO sued less than two months later, accusing Lyft of concealing safety problems from its registration statement in a bid to appear more socially responsible than its main rival, Uber.
Lyft's share price fell below the $72 IPO price less than two weeks after trading began on March 29, 2019, and never recovered.
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
UAE currency: the story behind the money in your pockets
Company%20profile
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
