1. Uber Received More Scrutiny from the SEC Than Lyft During the IPO Process

    Uber Received More Scrutiny from the SEC Than Lyft During the IPO Process

    Lyft Inc. and Uber Technologies Inc. say they are business rivals, but the U.S. Securities and Exchange Commission had a lot more comments on Uber’s business before both companies went public this year, in particular focusing on the ride-hailing leader’s adjusted financial numbers. Uber UBER, +0.00% and Lyft LYFT, +3.88% filed draft registration statements, or S-1s, confidentially with the SEC on the same day: Dec. 6, 2018...

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    1. Uber's business model is significantly more complex than Lyft and Uber's accounting judgments for recognizing and measuring revenues had additional complexities that generated more scrutiny from the SEC.
    2. In a comment letter to the company before its IPO, the SEC told Uber to remove the divested operations adjustment because
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