Judge Preliminarily Approves $25M Lyft IPO Shareholder Class Action Settlement

Mealey's (December 20, 2022, 10:49 AM EST) -- OAKLAND, Calif. — A federal judge in California preliminarily approved a $25 million securities class action settlement in a lawsuit against ride-sharing company Lyft Inc. and certain of its senior executives and members of the company’s board of directors over alleged misrepresentations the defendants made in the company’s offering documents for its initial public offering (IPO), ruling that the settlement provisionally meets the necessary requirements for approval....