Advertisement
Canada markets open in 5 hours 34 minutes
  • S&P/TSX

    22,851.17
    -144.22 (-0.63%)
     
  • S&P 500

    5,588.27
    -78.93 (-1.39%)
     
  • DOW

    41,198.08
    +243.60 (+0.59%)
     
  • CAD/USD

    0.7312
    +0.0003 (+0.05%)
     
  • CRUDE OIL

    83.64
    +0.79 (+0.95%)
     
  • Bitcoin CAD

    88,485.12
    -771.67 (-0.86%)
     
  • CMC Crypto 200

    1,343.63
    +14.12 (+1.06%)
     
  • GOLD FUTURES

    2,475.60
    +15.70 (+0.64%)
     
  • RUSSELL 2000

    2,239.67
    -24.00 (-1.06%)
     
  • 10-Yr Bond

    4.1460
    -0.0210 (-0.50%)
     
  • NASDAQ futures

    20,083.75
    +86.25 (+0.43%)
     
  • VOLATILITY

    14.51
    +0.03 (+0.21%)
     
  • FTSE

    8,236.50
    +49.04 (+0.60%)
     
  • NIKKEI 225

    40,126.35
    -971.34 (-2.36%)
     
  • CAD/EUR

    0.6689
    +0.0010 (+0.15%)
     

Lyft to pay $10 million civil penalty over disclosure failures -SEC

Illustration shows Lyft logo

WASHINGTON (Reuters) -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.

Lyft did not disclose this information in its SEC filings for 2019, said the regulators, who did not disclose the director's name.

Representatives for Lyft, which did not admit or deny the SEC allegations, did not respond immediately to requests for comment.

ADVERTISEMENT

The SEC said that Lyft was required to report details of the transaction because Lyft, which approved sale of the private sales, was a participant in the deal.

The director left Lyft's board at the time of the transaction, regulators said.

(Reporting by Chris Prentice in New York and Doina Chiacu and Katharine Jackson in Washington; Editing by Alexander Smith)