Lyft to pay $10 million civil penalty over disclosure failures

Lyft has agreed to pay $10 million to settle Securities and Exchange Commission 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.

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