Engine Capital has taken about a $50 million or 1 percent stake in ride-hailing company Lyft and has engaged with management in recent weeks and expressed concern about Lyft's stock price, strategic positioning and corporate governance, according to a report by Bloomberg News.
According to a letter reviewed by Bloomberg, Engine Capital wants Lyft to "announce a strategic review, improve capital allocations and eliminate its dual-class share structure."
The activist investor also allegedly presented candidates for Lyft's board.
A Lyft spokesperson told BTN via email that "we value the views of all of our stockholders and regularly engage in open communication with them," declining further comment. Engine Capital did not immediately respond to a request for comment.
Lyft in its most recent earnings report cited increases in market share and revenue.