A Lyft
(Reuters) - Lyft has been sued by shareholders for securities fraud after a mistake in a recent earnings release about a key profit metric sent the ride-sharing company's stock price on a wild ride up, and then down.
In a proposed class action on Tuesday, shareholders said Lyft was careless in initially saying on Feb. 13 that one of its profit margins would expand in 2024 by 500 basis points, or 5 percentage points, when it actually expected 50 basis points.
