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Uber, Lyft Fall as Lawmakers Demand Answers

Investing.com

Investing.com - Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) were under pressure on Friday after lawmakers sent them letters demanding answers after the companies failed to send representatives to a hearing.

The House Transportation and Infrastructure Committee urged the companies to take part in a hearing on Wednesday, but both companies declined. Chairman Peter DeFazio (D-Ore) and Highways and Transit Subcommittee Chairwoman Eleanor Holmes Norton (D-D.C.) sent letters to the heads of Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) in response, asking for answers around regulation, passenger safety and driver background checks by Nov. 1.

Uber (NYSE:UBER) was down 2.9% in midday trade, while Lyft (NASDAQ:LYFT) slipped 1.8%.

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