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SEC Charges Lyft for Failing to Disclose Director's Sale of Pre-IPO Stock

Yesterday, the SEC charged Lyft for failing to disclose a 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) in March 2019.

Lyft allegedly approved the sale and participated in the transaction but failed to disclose the transaction in its 2019 Form 10-K.


capital markets, capital markets and securities, corporate