Lyft will pay $25 million to settle claims it hid safety issues before its IPO

Stefan Mileschin · 20th June 2022, 07:00

Lyft has agreed to pay $25 million to settle shareholders' allegations that it failed to disclose safety issues in its Initial Public Offering (IPO) paperwork. According to Reuters, shareholders accused the company of concealing known problems, such as sexual assaults by its drivers, to cultivate an image of a more socially responsible alternative to Uber. They also accused Lyft of not disclosing safety issues regarding its bikeshare program, specifically the problem the company faced with its brakes that forced it to pull its bikes from various cities in the US. While Lyft has agreed to settle, it denied any wrongdoing. In a statement sent to CNN Business, company spokesperson Gabriela Condarco-Quesada said:
https://www.engadget.com/lyft-25-mil...1.html?src=rss

20th June 2022, 07:00	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 149,135	Lyft will pay $25 million to settle claims it hid safety issues before its IPO Lyft has agreed to pay $25 million to settle shareholders' allegations that it failed to disclose safety issues in its Initial Public Offering (IPO) paperwork. According to Reuters, shareholders accused the company of concealing known problems, such as sexual assaults by its drivers, to cultivate an image of a more socially responsible alternative to Uber. They also accused Lyft of not disclosing safety issues regarding its bikeshare program, specifically the problem the company faced with its brakes that forced it to pull its bikes from various cities in the US. While Lyft has agreed to settle, it denied any wrongdoing. In a statement sent to CNN Business, company spokesperson Gabriela Condarco-Quesada said: https://www.engadget.com/lyft-25-mil...1.html?src=rss

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