Lyft Pays $10 Million to Settle SEC Claims Over Undisclosed Director Role in Pre-IPO Share Sale
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Lyft agreed to pay a $10 million penalty to settle SEC claims it failed to disclose a director helped Icahn sell Lyft stake to Soros before 2019 IPO.
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The SEC said a Lyft director arranged for Icahn to sell $424 million of Lyft shares at a discount before the IPO.
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The director, identified as Jonathan Christodoro, allegedly got fees for arranging the sale from Icahn to Soros.
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Christodoro resigned from the Lyft board at the time of the March 2019 transaction.
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The SEC said Lyft failed to disclose the director's financial interest in the share sale he arranged between the two billionaires.