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Notice Of Proposed Derivative Settlement: Lyft, Inc.
| IN RE LYFT, INC. DERIVATIVE |
Lead Case No. 4:20-cv-09257-HSG |
| This Document Relates to: |
SUMMARY NOTICE OF |
| ALL ACTIONS |
Exhibit D |
| |
Hon. Haywood S. Gilliam, Jr. |
TO:
ALL
OWNERS
OF
THE
COMMON
STOCK
OF
LYFT,
INC.
("LYFT"
OR
THE
"COMPANY") CURRENTLY AND AS OF JULY 23, 2024:
IF
YOU
ARE
A
RECORD
OR
BENEFICIAL
OWNER
AND
WERE
A RECORD
OR
BENEFICIAL
OWNER
OF
LYFT
COMMON
STOCK
AS
OF JULY 23, 2024, PLEASE READ THIS
NOTICE ABOUT A SETTLEMENT CAREFULLY
AND IN ITS ENTIRETY
AS
YOUR
RIGHTS
MAY
BE
AFFECTED BY
PROCEEDINGS
IN THE ABOVE-REFERENCED LITIGATION.
THIS ACTION IS NOT A "CLASS ACTION."
THUS, THERE IS NO COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT.
PLEASE
TAKE
NOTICE
that
the
parties
to
the
above-captioned
shareholder derivative
action, (formerly captioned Chenoy v. Zimmer, Case No.
4:20-cv-09257 (N.D. Cal.)), as well as the parties
to
the shareholder
derivative
actions
titled Mehta v. Green, Case No. 4:20-cv-09364 (N.D. Cal.);
Hong Kok v. Green, Case No. 3:20-cv-09272 (N.D. Cal.); and
Shuman v. Green, Case No. 4:21-cv-01263 (N.D. Cal.) (collectively, the "Federal Derivative Actions"), have
reached
an agreement
to
settle
the
derivative
claims brought
on
behalf of
and
for
the
benefit of Lyft.
The terms of the settlement are set forth in a Stipulation of Settlement dated July 23, 2024 (the "Stipulation").1
This
notice
should
be
read
in
conjunction
with,
and
is
qualified
in
its
entirety
by
reference to,
the
text
of
the
Stipulation,
which
has
been
filed
with
the
U.S.
District
Court
for
the
Northern
District of
California.
A--br
the
text
of
the
Stipulation
and
the
full-length
Notice
of
Pendency and
Proposed
Settlement of
Shareholder
Derivative
Action
may
be
found
on
the
"Investors" page
of
Lyft's
website
at
Under
the
terms
of
the
Stipulation,
as
a
part
of
the
proposed
Settlement,
Lyft has
adopted and/or will adopt certain corporate
governance
reforms, which
all
parties agree confer
substantial
benefits upon
Lyft.
In
light
of
the
substantial
benefits
conferred
upon
Lyft
by
Plaintiffs'
Counsel's efforts,
the
Company's
insurers shall
pay
Plaintiffs'
Counsel's
attorney's
fees,
costs, and expenses of $700,000, subject to Court approval.
A hearing will be held on Thursday, February 6, 2025 at 2:00 p.m. PST, before the Honorable Haywood S. Gilliam, Jr. at the U.S. District Court for the Northern District of California, Oakland Courthouse, Courtroom 2, 4th Floor, 1301 Clay Street, Oakland, California 94612 (the "Settlement Hearing"), at which the Court will determine whether to approve the settlement.
The Court may, in its discretion, change the date and/or time of the Settlement Hearing without further notice to you.
The Court also has reserved the right to hold the Settlement Hearing telephonically or by
videoconference without further notice to you.
If you intend to attend the Settlement Hearing, please consult the Court's calendar and/or Lyft's website,
for any change in the date, time, or format of the Settlement Hearing.
Any
Lyft shareholder has a right, but is not required, to appear and to be heard at the Settlement Hearing, providing that he, she, or it is a shareholder of record or beneficial owner of
Lyft common stock and was a shareholder of record or beneficial owner of
Lyft
common
stock
as
of July
23, 2024.
Any
Lyft
shareholder
who
satisfies
this
requirement
may
enter
an
appearance
through counsel
of
such
shareholder's
own
choosing
and
at
such
shareholder's
own
expense,
or
may
appear
on
their
own.
However, you
shall
not
be
heard
at
the
Settlement
Hearing
unless,
no
later
than Monday, January 13, 2025,
you
have
filed
with
the
Court
a
written
notice
of
objection containing
the following
information:
4:20-cv-09257); Proof
of
being
a
Lyft
shareholder
currently and
as
of July 23, 2024; The date(s) you acquired your Lyft shares; A statement of each of each objection being made; Notice of whether you intend to appear at the Settlement Hearing (you are not required to appear); and Copies of any papers you intend to submit to the Court, along with the names of any witness(es) you intend to
call to testify at the Settlement Hearing and
the subject(s) of their testimony.
If you wish to object to the proposed Settlement, you must file the written objection described above with the Court on or before Monday, January 13, 2025.
All written objections and supporting papers must be filed with the Clerk of the Court, U.S. District Court for the Northern District of California, 450 Golden Gate Avenue San Francisco, CA 94102 and served by that date upon each of the following Settling Parties' counsel:
| Counsel for Plaintiffs: Timothy Brown and Gregory M. Nespole |
Counsel for Nominal Defendant Andrew B. Clubok and Colleen C. Smith |
YOUR WRITTEN OBJECTIONS MUST BE POSTMARKED OR ON FILE WITH THE CLERK OF THE COURT NO LATER THAN MONDAY, JANUARY 13, 2025.
Only shareholders who have filed and delivered valid and timely written notices of objection will be entitled to be heard at the Settlement Hearing unless the Court orders otherwise. If you fail to object in the manner and within the time prescribed above you shall be deemed to have waived your right to object (including the right to appeal) and shall forever be barred, in this proceeding or in any other proceeding, from raising such objection(s).
Inquiries
may
be
made
to
Plaintiffs'
Counsel: The Brown Law Firm, P.C., 767 Third Avenue, Suite 2501, New York, NY 10017, telephone: (516)
922-5427; Levi & Korsinsky, LLP, 33 Whitehall Street, 17th Floor, New York, NY 10004, telephone: (213) 363-7500.
PLEASE DO NOT CONTACT THE COURT OR LYFT REGARDING
THIS
NOTICE
Dated: November 4, 2024
BY ORDER OF THE UNITED STATES
DISTRICT COURT OF THE NORTHERN
DISTRICT OF CALIFORNIA
1 All capitalized terms herein have the same meanings as set forth in the Stipulation
SOURCE Levi & Korsinsky, LLP
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