Notice of Proposed Derivative Settlement: Lyft, Inc.

NEW YORK, Nov. 4, 2024 /PRNewswire/ --  Levi & Korsinsky, LLP, The Brown Law Firm, P.C., and The Rosen Law Firm, P.A. today provided notice of proposed settlement of this derivative action and settlement hearing.

LATHAM & WATKINS LLP
Matthew Rawlinson (SBN 231890)
140 Scott Drive
Menlo Park, California 94025
T: (650) 328-4600 / F: (650) 463-2600
[email protected]

Andrew B. Clubok (pro hac vice)
555 Eleventh Street, NW, Suite 1000
Washington, D.C. 20004
T: (202) 637-2200 / F: (202) 637-2201
[email protected]

Colleen C. Smith (SBN 231216)
12670 High Bluff Drive
San Diego, California 92130
T: (858) 523-5400 / F: (858) 523-5450
[email protected]

Attorneys for Nominal Defendant Lyft, Inc. and Defendants Logan Green, John Zimmer, Brian Roberts, Prashant (Sean) Aggarwal, Jonathan Christodoro, Ben Horowitz, Valerie Jarrett, David Lawee, Hiroshi Mikitani, Ann Miura-Ko, and Mary Agnes (Maggie) Wilderotter

[Additional Counsel on Signature Pages]

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA
OAKLAND DIVISION

TO: ALL OWNERS OF THE COMMON STOCK OF LYFT, INC. ("LYFT" OR THE "COMPANY") CURRENTLY AND AS OF JULY 23, 2024:

IF YOU ARE A RECORD OR BENEFICIAL OWNER AND WERE A RECORD OR BENEFICIAL OWNER OF LYFT COMMON STOCK AS OF JULY 23, 2024, PLEASE READ THIS NOTICE ABOUT A SETTLEMENT CAREFULLY AND IN ITS ENTIRETY AS YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THE ABOVE-REFERENCED LITIGATION.

THIS ACTION IS NOT A "CLASS ACTION."  THUS, THERE IS NO COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT.

PLEASE TAKE NOTICE that the parties to the above-captioned shareholder derivative action, (formerly captioned Chenoy v. Zimmer, Case No. 4:20-cv-09257 (N.D. Cal.)), as well as the parties to the shareholder derivative actions titled Mehta v. Green, Case No. 4:20-cv-09364 (N.D. Cal.); Hong Kok v. Green, Case No. 3:20-cv-09272 (N.D. Cal.); and Shuman v. Green, Case No. 4:21-cv-01263 (N.D. Cal.) (collectively, the "Federal Derivative Actions"), have reached an agreement to settle the derivative claims brought on behalf of and for the benefit of Lyft.

The terms of the settlement are set forth in a Stipulation of Settlement dated July 23, 2024 (the "Stipulation").¹  This notice should be read in conjunction with, and is qualified in its entirety by reference to, the text of the Stipulation, which has been filed with the U.S. District Court for the Northern District of California.  A link to the text of the Stipulation and the full-length Notice of Pendency and Proposed Settlement of Shareholder Derivative Action may be found on the "Investors" page of Lyft's website at https://investor.lyft.com.

Under the terms of the Stipulation, as a part of the proposed Settlement, Lyft has adopted and/or will adopt certain corporate governance reforms, which all parties agree confer substantial benefits upon Lyft. 

In light of the substantial benefits conferred upon Lyft by Plaintiffs' Counsel's efforts, the Company's insurers shall pay Plaintiffs' Counsel's attorney's fees, costs, and expenses of $700,000, subject to Court approval.

A hearing will be held on Thursday, February 6, 2025 at 2:00 p.m. PST, before the Honorable Haywood S. Gilliam, Jr. at the U.S. District Court for the Northern District of California, Oakland Courthouse, Courtroom 2, 4th Floor, 1301 Clay Street, Oakland, California 94612 (the "Settlement Hearing"), at which the Court will determine whether to approve the settlement.  The Court may, in its discretion, change the date and/or time of the Settlement Hearing without further notice to you.  The Court also has reserved the right to hold the Settlement Hearing telephonically or by  videoconference without further notice to you.  If you intend to attend the Settlement Hearing, please consult the Court's calendar and/or Lyft's website,  https://investor.lyft.com for any change in the date, time, or format of the Settlement Hearing.

Any Lyft shareholder has a right, but is not required, to appear and to be heard at the Settlement Hearing, providing that he, she, or it is a shareholder of record or beneficial owner of Lyft common stock and was a shareholder of record or beneficial owner of Lyft common stock as of July 23, 2024.  Any Lyft shareholder who satisfies this requirement may enter an appearance through counsel of such shareholder's own choosing and at such shareholder's own expense, or may appear on their own.  However, you shall not be heard at the Settlement Hearing unless, no later than Monday, January 13, 2025, you have filed with the Court a written notice of objection containing the following information:

1. Your name, legal address, and telephone number;
2. The case name and number (In re Lyft Inc. Derivative Litigation, Case No. 4:20-cv-09257);
3. Proof of being a Lyft shareholder currently and as of July 23, 2024;
4. The date(s) you acquired your Lyft shares;
5. A statement of each of each objection being made;
6. Notice of whether you intend to appear at the Settlement Hearing (you are not required to appear); and
7. Copies of any papers you intend to submit to the Court, along with the names of any witness(es) you intend to call to testify at the Settlement Hearing and the subject(s) of their testimony.

If you wish to object to the proposed Settlement, you must file the written objection described above with the Court on or before Monday, January 13, 2025.  All written objections and supporting papers must be filed with the Clerk of the Court, U.S. District Court for the Northern District of California, 450 Golden Gate Avenue San Francisco, CA 94102 and served by that date upon each of the following Settling Parties' counsel:

YOUR WRITTEN OBJECTIONS MUST BE POSTMARKED OR ON FILE WITH THE CLERK OF THE COURT NO LATER THAN MONDAY, JANUARY 13, 2025.

Only shareholders who have filed and delivered valid and timely written notices of objection will be entitled to be heard at the Settlement Hearing unless the Court orders otherwise. If you fail to object in the manner and within the time prescribed above you shall be deemed to have waived your right to object (including the right to appeal) and shall forever be barred, in this proceeding or in any other proceeding, from raising such objection(s).

Inquiries may be made to Plaintiffs' Counsel: The Brown Law Firm, P.C., 767 Third Avenue, Suite 2501, New York, NY 10017, telephone: (516) 922-5427; Levi & Korsinsky, LLP, 33 Whitehall Street, 17th Floor, New York, NY 10004, telephone: (213) 363-7500.

PLEASE DO NOT CONTACT THE COURT OR LYFT REGARDING THIS  NOTICE

Dated: November 4, 2024                 

BY ORDER OF THE UNITED STATES
DISTRICT COURT OF THE NORTHERN
DISTRICT OF CALIFORNIA

¹ All capitalized terms herein have the same meanings as set forth in the Stipulation

SOURCE Levi & Korsinsky, LLP