Lyft Faces Class Action Lawsuit Over Earnings Report Typo

Shareholders sue Lyft for securities fraud after a typo in its earnings report led to a dramatic stock price fluctuation.

A typo in Lyft's earnings report falsely indicated a 500 basis point margin expansion, leading to a 67% surge in stock price.
Shareholders filed a class action lawsuit, alleging securities fraud and seeking damages for buying shares at inflated prices.
CEO David Risher admitted the error, attributing it to carelessness and taking personal responsibility.
The lawsuit claims Lyft executives delayed correcting the mistake to benefit from stock-based performance bonuses.
Lyft's market value increased by as much as $3.2 billion before losing nearly $2.9 billion of that gain.