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Lyft CEO says ‘My bad’ after earnings typo sends stock up 60% (www.theguardian.com)

submitted 10 months ago by [email protected] to c/[email protected]

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[–] [email protected] 62 points 10 months ago (3 children)

Isn't the SEC going to investigate and charge them?

[–] [email protected] 33 points 10 months ago

Maybe, but they will slap them on the wrist with a fine that costs less than they make in an hour and have a strongly worded letter sent to them saying don't do it again.

[–] [email protected] 9 points 10 months ago (1 children)

The SEC is milquetoast

[–] [email protected] 13 points 10 months ago (1 children)

So I wanted to know where the phrase milquetoast comes from bc it's a weird word and thought I should share my findings bc it is cool.

from Caspar Milquetoast, character created by U.S. newspaper cartoonist H.T. Webster (1885-1952) in the strip "The Timid Soul," which ran from 1924 in the "New York World" and later the "Herald Tribune." By 1930 the name was being referenced as a type of the meek man.

[–] [email protected] 5 points 10 months ago

Good stuff there. ❤️ the username too😄

[–] [email protected] 4 points 10 months ago

The mistake was fixed within 24 hours and it was released during after hours when no stock trading is technically supposed to happen. It's on you if you trade outside of the official trading hours. There are also laws protecting companies from being punished for having wrong forward looking statements. The guy in charge of the earnings presentation got fired though, so there's that.

https://www.bloomberg.com/opinion/articles/2024-02-14/lyft-had-a-typo