(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 about a key profit metric, an error 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, rather than a shorter period, to correct one of its reported profit margins in the Feb. 13, 2024 release.
(Reporting by Jonathan Stempel in New York)
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