(CNN Business) Lyft has agreed to a $25 million settlement with shareholders over allegations that it failed to adequately disclose threats to its reputation and business ahead of going public. The preliminary settlement agreement, detailed in a court filing Thursday, is pending approval by Judge Haywood S. Gilliam, Jr. of the Northern District of California. Notably, the money would go to shareholders, not directly to the individuals who've been victim to and reported such incidents. Lyft LYFT "This settlement resolves a shareholder class action related to statements in Lyft's initial public offering and its financial impact on investors— it's not about safety-related claims on the platform," saidspokesperson Gabriela Condarco-Quesada in a statement to CNN Business Thursday evening. The shareholders also took issue with Lyft's claims around its market share growth in the lead up to going public.

Source: CNN June 17, 2022 04:28 UTC