Posted 9/18/2023, 1:13:01 PM
Lyft to Pay $10 Million SEC Fine for Failing to Disclose Board Member's $424 Million Pre-IPO Stock Sale
- SEC charges Lyft for failing to disclose board member's role in pre-IPO stock sale worth $424 million
- Board member arranged for shareholder to sell shares to SPV he set up before Lyft's 2019 IPO
- Lyft approved the sale but failed to disclose board member's involvement and profit
- SEC finds Lyft violated securities laws by not disclosing this information
- Lyft agrees to $10 million penalty to settle charges, without admitting or denying findings