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May 25, 2015 9:41 AM ET

Internet Software and Services

Company Overview of Lyft Inc.

Company Overview

Lyft Inc. helps commuters to share rides with friends, classmates, and coworkers going the same way. It helps organizations to establish private and social networks for ridesharing. The company focuses on college, university, and corporate communities. Lyft Inc. was formerly known as Zimride, Inc. and changed its name to Lyft Inc. in May 2013. The company was founded in 2007 and is based in San Francisco, California. Lyft Inc. operates as a subsidiary of Enterprise Holdings, Inc.

548 Market Street

Suite 68514

San Francisco, CA 94104

United States

Founded in 2007

Phone:

855-946-7433

Key Executives for Lyft Inc.

Co-Founder and Chief Executive Officer
Co-Founder
Chief Operating Officer
Board Observer
Compensation as of Fiscal Year 2014.

Lyft Inc. Key Developments

Lyft Appoints Jonathan Christodoro to the Board of Directors

Jonathan Christodoro, a managing director of Icahn Enterprises, will join Lyft's board of directors. Icahn is well known for tangling with the boards of companies like Apple, Yahoo, Hertz, Gannett and eBay, rather than investing in startups.

Kansas City to Dismiss its Litigation against Lyft

Kansas City will dismiss its litigation against Lyft Inc. On April 14, 2015, City Attorney Kathy Adams said she expects the city to drop its suit against the company after the city's newly approved for-hire transportation ordinance goes into effect. The ordinance, approved on April 9, 2015 becomes effective on April 19, 2015. Adams said the suit probably will be dismissed on April 20, 2015. After that, the city will expect Lyft to operate within the regulations the ordinance establishes. Uber Technologies Inc. has said the new ordinance 'effectively eliminated' its ability to operate in the city. However, Uber hasn't explicitly said it will shut down its Kansas City operations or given a date when it will stop. Lyft voluntarily suspended operations in Kansas City in the fall when the city began a lengthy process to rewrite its ordinance regulating taxicab services and other for-hire transportation providers. The case has been in the U.S. District Court of the Western District of Missouri since May, when Kansas City's request to establish a temporary restraining order against Lyft was transferred out of Jackson County Circuit Court. Whether the city's action will open the door for Lyft to resume operating in Kansas City remains unclear. Lyft has said little since the April 9, 2015 decision. It has released a single statement announcing that it still is determining whether it can operate in the city under the revised regulations.

Class Action Lawsuit Accuses Lyft of Taking Drivers for A Ride

A class action lawsuit has been filed accusing Lyft of promising $1,000 bonuses for new drivers that turned out was too good to be true. The lawsuit claims Lyft has paid very few of the new drivers the $1,000 bonus. In a detailed 22 page complaint, lead plaintiffs Casey Loewen and Jonathan Wright claim Lyft breached their contract and defrauded recruits by failing to pay the $1,000 bonuses. According to the complaint, in an effort to grow its driver community and compete with other rideshare companies (such as Uber), Lyft launched two $1,000 new driver referral programs on February 25, 2015. These programs were available in Atlanta, Austin, Boston, Chicago, Dallas, Denver, Los Angeles, Miami, Nashville, Philadelphia, San Diego, San Francisco, San Jose, Seattle, and Washington D.C. To qualify for the bonuses, drivers had to apply on or after midnight February 25th and complete their first ride on or before March 5th. According to the complaint, Lyft's actions caused outrage throughout the Lyft community, with many referring drivers and new drivers believing the entire promotion had been a scam to attract new drivers without having to pay them $1,000. Many drivers took to the Internet to voice their frustrations, accompanied by #lyftgate. The lawsuit alleges that Lyft breached its contract and is guilty of fraud. It seeks compensatory damages as well as punitive damages. The plaintiffs are represented by R. Rex Parris, of Lancaster and Dunn & Associates of Santa Monica.

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