(Reuters) – A federal judge on Thursday dismissed the lawsuit charging him Lyft (NASDAQ: ) defrauded shareholders by waiting too long to correct an error in its earnings release on a key profit metric, an error that caused the ride-sharing company’s share price to skyrocket wildly.
U.S. District Judge Trina Thompson in San Francisco said shareholders in the proposed class action had not shown why it was unreasonable for Lyft to take 42 minutes, rather than a shorter period, to correct one of its reported profit margins on Feb. 13, 2024.
