Block & Leviton Announce Notice of Proposed Settlement To All Persons Who Purchased or Acquired Lyft Common Stock Between March 28, 2019 and August 19, 2019, Inclusive

BOSTON, Jan. 20, 2023 /PRNewswire/ --

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
OAKLAND DIVISION

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT; (II) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; AND (III) SETTLEMENT HEARING

TO:     All Persons who purchased or acquired Lyft common stock between March 28, 2019 and August 19, 2019, inclusive (the "Class Period"):

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.    

YOU ARE HEREBY NOTIFIED, that Court-appointed Lead Plaintiff, on behalf of himself and all persons and entities who during the Class Period purchased or otherwise acquired the common stock of Lyft issued and traceable to the IPO Registration Statement (the "Class"), has reached a proposed settlement of the above-captioned litigation (the "Action") for $25,000,000 in cash (the "Settlement"). If the Court approves the Settlement, it will resolve all claims in the Action. Defendants have denied the claims asserted against them and have agreed to the Settlement solely to eliminate the burden and expense of continued litigation.

YOU ARE HEREBY FURTHER NOTIFIED, that pursuant to an Order of the Honorable Haywood S. Gilliam, Jr. in the United States District Court for the Northern District of California (the "Court"), dated December 27, 2022, a hearing will be held on June 22, 2023, at 2:00 p.m. Pacific Time (the "Settlement Hearing") before Judge Gilliam at the United States District Court for the Northern District of California, 1301 Clay Street, Oakland, CA 94612, Courtroom 2, 4th Floor, to determine: (a) whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate to the Class, and should be approved by the Court; (b) whether a judgment should be entered dismissing the Action with prejudice against the Defendants; (c) whether the Proposed Plan of Allocation should be approved as fair and reasonable; and (d) whether Lead Counsel's motion for attorneys' fees and reimbursement of litigation expenses should be approved. The Court may elect to hold the hearing remotely. Remote court hearings may be held by telephone conference or by Zoom. The most up to date information about the hearing will be available at www.LyftIPOLitigation.com.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. The Notice and Proof of Claim and Release Form ("Claim Form") can be downloaded from the website maintained by the Claims Administrator, www.LyftIPOLitigation.com. You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at In Re Lyft, Inc. Securities Litigation c/o Claims Administrator, P.O. Box 173079, Milwaukee, WI 53217, (877) 888-9031.

If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than May 22, 2023. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Class and wish to exclude yourself from the Class, and you have not previously requested exclusion from the Class, you must submit a request for exclusion so that it is received no later than April 13, 2023, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of litigation expenses, must be filed with the Court such that they are received no later than March 30, 2023, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, Lyft or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

Jacob Walker
Block & Leviton LLP
260 Franklin Street, Suite 1860
Boston, MA 02110
Telephone: (617) 398-5600
Email: [email protected]

Requests for the Notice and Claim Form should be made to:

In Re Lyft Inc. Securities Litigation
c/o Claims Administrator
P.O. Box 173079
Milwaukee, WI 53217
Telephone: (877) 888-9031
Email: [email protected]

By Order of the Court

SOURCE Block & Leviton LLP