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Analysis

Lyft's Unequal Voting Structure Irks Some Large Investors

Law360 (March 13, 2019, 8:19 PM EDT) -- As ride-hailing giant Lyft Inc. gears up for the most highly anticipated initial public offering so far in 2019, the company’s vastly unequal voting structure has drawn objections from a large investor group, reigniting a wider debate about the fairness of multiclass stock structures.

Lyft, which is expected to price an IPO later this month that has been estimated to raise up to $3 billion, plans to establish a separate class of shares that provides its co-founders with 20 votes per share, compared with one-vote shares that will be sold to the public, according to its registration statement. Unequal voting structures...

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