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00:02Lyft is facing potential multi-billion dollar legal liabilities tied to sexual assault litigation,
00:08according to a report from short seller Bleecker Street Research,
00:11which disclosed a short position in the company.
00:14The report estimates Lyft's exposure at $1.3 billion to $2.7 billion and alleges the company
00:21has not accrued for the claims on its balance sheet. Lyft did not immediately respond to
00:25Benzinga's request for comment. Bleecker Street said Lyft holds $533 million in legal and tax accruals
00:32and $1.7 billion in unrestricted cash and investments. The report also criticized Lyft's
00:38competitive position and autonomous vehicle strategy. The first state-level bellwether trial
00:43is scheduled for September 30th. Lyft is set to report second quarter earnings on August 6th.
00:48Shares are down 26.69% year to date. For all things money, visit Benzinga.com.
00:55Shares is a production of the United States.
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