Lyft wins dismissal of shareholder lawsuit over earnings report error
(Reuters) -A federal judge on Thursday dismissed a lawsuit accusing Lyft of defrauding shareholders by waiting too long to correct a mistake in an earnings release that caused the ride-sharing company's stock price to gyrate wildly. U.S. District Judge Trina Thompson in San Francisco said shareholders in the proposed class action did not show why it was unreasonable for Lyft to need 42 minutes to fix its Feb. 13, 2024 release, instead of doing it immediately. The release at 4:05 p.m. EST (2105 GMT) said Lyft expected one of its profit margins to expand by 500 basis points, or 5 percentage points, in 2024 when it actually expected 50 basis points.