In a letter sent to Morgan Stanley on April 2, Lyft questioned the firm about its role in helping market certain products that would help pre-IPO investors bet against the stock.
Lyft has threatened litigation against Morgan Stanley, accusing the firm of supporting short-selling for investors who are subject to lock-up agreements.
Lyft asked for Morgan Stanley to be on record saying that they did not create such a product, and that they had engaged in the proper due diligence in marketing such a product. The letter, which copied Lyft's lead underwriters JP Morgan and Credit Suisse, also asks that if Morgan Stanley did engage in such activity that they stop immediately and turn over a list of shareholders who participated.
The Information first reported that Lyft and its IPO syndicate had sent a letter to Morgan Stanley over its purported role in creating special instruments for pre-IPO investors to short. "Our firm's activity has been in the normal course of market-making, and any suggestion that Morgan Stanley has engaged in an effort to apply 'short pressure' to Lyft is false," the spokesperson for Morgan Stanley said.
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