Lyft fined $10M by SEC for disclosure failures
Lyft Inc. has been charged by the Securities and Exchange Commission for failing to disclose a board director's involvement in the sale of $424 million worth of private shares before the company's IPO. Lyft has agreed to pay a $10 million civil penalty without admitting or denying the SEC's findings. As a result, shares of Lyft dropped 3%, and the company is required to report the details of the transaction.
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