SEC Slaps Lyft With $10M Fine for Undisclosed Stock Deal Just Before IPO | Corporate Counsel

Ride-hailing service Lyft Inc. will pay $10 million for failing to disclose a former director helped a shareholder sell $424 million in stock in the company weeks prior to its initial public offering in 2019, the Securities and Exchange Commission said Monday. And it appears that shareholder who sold his stock was billionaire investor Carl Icahn, who owned a 2.7% stake in the company. Although the SEC doesn’t identify any of the individuals in its settlement with Lyft, Dow Jones …