Lyft Warns of Adverse Consequences for Reclassifying Drivers

Ride-hailing firm Lyft Inc. said in a Security and Exchange Commission filing submitted in anticipation of going public that it faces significant adverse consequences if it has to classify drivers as employees. A Form S-1 registration statement filed Friday as Lyft prepares for its debut on the Nasdaq stock exchange under the symbol LYFT acknowledged that courts and regulators might reject its argument that drivers are contractors. The company said it is involved in six putative class action suits filed by drivers who allege they were misclassified. Regulators in California, Wiscon...