08:45 AM EST, 01/17/2025 (MT Newswires) -- Lyft ( LYFT ) shares were higher pre-market Friday after a US federal judge dismissed a shareholder lawsuit against the company that alleged it had committed fraud by delaying the correction of an error in its Feb. 13, 2024 earnings release, multiple outlets reported Thursday, citing a legal filing.

The earnings report from Lyft ( LYFT ) overstated a profit margin increase of 500 basis points instead of 50, causing shares to jump 67% before the error was corrected 42 minutes later, media reports said.

The judge reportedly said the shareholders failed to prove Lyft ( LYFT ) and its executives intended to mislead investors, stating the delay was not unjustified under the circumstances.

The lawsuit requested damages for investors who purchased shares during the 46-minute period when the ride-hailing company's market value briefly rose by $3.2 billion, according to reports.

Lyft ( LYFT ) did not immediately respond to MT Newswires' request for comment.