Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Lyft to pay $10M civil penalty over disclosure failures: SEC

The SEC said that Lyft was required to report details of the transaction because Lyft, which approved sale of the private sales, was a participant in the deal.

Lyft has agreed to pay $10 million to settle Securities and Exchange Commission (SEC) charges it failed to disclose a board member's financial interest in a transaction involving the company, the U.S. regulator said on Monday.

Prior to its public listing in March 2019, a Lyft board director arranged for the sale of $424 million worth of private shares through a special purpose vehicle affiliated with the director, the SEC said in a statement.

COMPANIES USE LYFT PROGRAM AS PUBLIC TRANSIT ALTERNATIVE FOR EMPLOYEES RETURNING TO OFFICE

Lyft did not disclose this information in its SEC filings for 2019, said the regulators, who did not disclose the director's name.

Representatives for Lyft, which did not admit or deny the SEC allegations, did not respond immediately to requests for comment.

UBER RAISES MINIMUM AGE FOR MOST CALIFORNIA DRIVERS TO 25 AFTER ITS INSURANCE COSTS RISE BY 'MORE THAN 65%'

The SEC said that Lyft was required to report details of the transaction because Lyft, which approved sale of the private sales, was a participant in the deal.

The director left Lyft's board at the time of the transaction, regulators said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.