$7 Billion United States Ride Hailing Lyft Share Price Increased +62% after Earnings Release Profit Typo Error with 1 More Zero, Error Stating Profit
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$7 Billion United States Ride Hailing Lyft Share Price Increased +62% after Earnings Release Profit Typo Error with 1 More Zero, Error Stating Profit Expected to Climb 500 Basis Points Instead of 50 Basis Equivalent to +5% Profit Increase Instead of +0.5% Profit Increase, Lyft CEO David Risher Apologises for Error & Says CFO Erin Brewer Job is 100% Safe 17th February 2024 | Hong Kong
United States $7 billion ride hailing Lyft share price had increased +62% after the earnings release profit typo error with 1 more zero, with the error stating profit expected to climb 500 basis points instead of 50 basis which equivalent to +5% profit increase instead of +0.5% profit increase. Lyft CEO David Risher apologised for the error and says CFO Erin Brewer job is 100% safe. Lyft current market value is $7 billion (16/2/24), with share price increasing +29.7% YTD, +58% in the last 12 months, -77% over the last 5 years. In 2023, the United States Securities & Exchange Commission (SEC) fined ride-hailing Lyft $10 million for failing to disclose director related interest in selling $424 million of shares for single shareholder before IPO (Initial Public Offering, 2019) to an investment advisor, with the Director receiving millions in compensation from the sale of the shares of Lyft before IPO. More info below:
“ $7 Billion United States Ride Hailing Lyft Share Price Increased +62% after Earnings Release Profit Typo Error with 1 More Zero, Error Stating Profit Expected to Climb 500 Basis Points Instead of 50 Basis equivalent to +5% Profit Increase Instead of +0.5% Profit Increase, Lyft CEO David Risher Apologises for Error & Says CFO Erin Brewer Job is 100% Safe “
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United States SEC Fines Ride-Hailing Lyft $10 Million for Failure to Disclose Director Related Interest in Selling $424 Million of Shares for Single Shareholder Before IPO in 2019 to Investment Advisor, Director Received Millions in Compensation from Sale of Shares
New York City, United States 21st September 2023 – The United States Securities & Exchange Commission (SEC) has fined ride-hailing Lyft $10 million for failing to disclose director related interest in selling $424 million of shares for single shareholder before IPO (Initial Public Offering, 2019) to an investment advisor, with the Director receiving millions in compensation from the sale of the shares of Lyft before IPO. United States SEC: “The Securities and Exchange Commission today charged Lyft Inc. for failing to disclose a company board director’s role in a shareholder’s sale of approximately $424 million worth of private shares of Lyft’s stock prior to the company’s initial public offering (IPO). According to the SEC’s order, prior to Lyft’s IPO in March 2019, a Lyft board director arranged for a shareholder to sell its shares to a special purpose vehicle (“SPV”) set up by an investment adviser affiliated with the same director. The director then contacted an investor interested in purchasing the shares through the SPV. According to the SEC’s order, Lyft, which approved the sale and secured a number of terms in the contract, was a participant in the transaction, and the director was a related person by virtue of his position and because he received millions of dollars in compensation from the investment adviser for his role in structuring and negotiating the deal. Lyft failed to disclose this information regarding the sale in its Form 10-K for 2019. The SEC’s order finds that the director left the Board at the time of the transaction.” Sheldon L. Pollock, Associate Regional Director of the SEC’s New York Regional Office: “The federal securities laws required Lyft to disclose that a director profited from a transaction in which Lyft itself was a participant. We remain vigilant in ensuring investors are not deprived of critical information about transactions occurring close to a company’s initial public offering.” More info below:
United States SEC Fines Ride-Hailing Lyft $10 Million for Failure to Disclose Director Related Interest in Selling $424 Million of Shares for Single Shareholder Before IPO in 2019 to Investment Advisor
New York City, United States 18th September 2023 – The Securities and Exchange Commission today charged Lyft Inc. for failing to disclose a company board director’s role in a shareholder’s sale of approximately $424 million worth of private shares of Lyft’s stock prior to the company’s initial public offering (IPO).
According to the SEC’s order, prior to Lyft’s IPO in March 2019, a Lyft board director arranged for a shareholder to sell its shares to a special purpose vehicle (“SPV”) set up by an investment adviser affiliated with the same director. The director then contacted an investor interested in purchasing the shares through the SPV. According to the SEC’s order, Lyft, which approved the sale and secured a number of terms in the contract, was a participant in the transaction, and the director was a related person by virtue of his position and because he received millions of dollars in compensation from the investment adviser for his role in structuring and negotiating the deal. Lyft failed to disclose this information regarding the sale in its Form 10-K for 2019. The SEC’s order finds that the director left the Board at the time of the transaction.
The SEC’s order finds that Lyft violated Section 13(a) of the Exchange Act and Rule 13a-1 thereunder. Without admitting or denying the SEC’s findings, Lyft agreed to a cease-and-desist order and to pay a $10 million civil penalty.
The SEC’s investigation was conducted by Theresa Gue and Adam Grace of the New York Regional Office, Andrew Dean of the Asset Management Unit, and Joshua Brodsky of the Complex Financial Instruments Unit, and was supervised by Mr. Pollock.
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