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Fox Business
Fox Business
18 Sep 2023


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.

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

Lyft vehicle

A Lyft vehicle in San Francisco, California, on May 2, 2023. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

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

TickerSecurityLastChangeChange % LYFTLYFT INC.11.01-0.27-2.39%UBERUBER TECHNOLOGIES INC.46.98-0.54-1.14%

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 CEO

Lyft CEO David Risher discusses the Summer Travel Release at an event on May 11, 2023, in New York.  (Jason DeCrow / Lyft)

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