Uber Technologies, Inc.

Investigation
07/11/2022

Initial Lawsuit
08/16/2022

Lawsuit Progression
10/17/2022

Investigation

Continous Holding
May 31, 2022 to July 8, 2022
Proposed Claim

Did Uber Technologies, Inc. (UBER) mislead investors about its controls and procedure and previous misconduct? Was Uber transparent with its shareholders about its lobbying activities with government officials and politicians to bypass legal and regulatory requirements?

This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

A lawsuit was subsequently filed. We update this post regularly.

Main Event

The "Uber Files"

07/11/2022

News Outlets

The International Consortium of Investigative Journalists (“ICIJ”) release the “Uber Files” or “The secret story of how the tech giant won access to world leaders, cozied up to oligarchs and dodged taxes amid chaotic global expansion.”

The investigation is based on a leak of sensitive texts, emails, invoices, briefing notes, presentations and other documents exchanged by top Uber executives, government bureaucrats and world leaders in nearly 30 countries.

“Our investigation found that the onetime Silicon Valley startup held undisclosed meetings with politicians to ask for favors, including dropping probes and changing policies on workers’ rights; that the company used Russian oligarchs as conduits to the Kremlin; and that it discussed the public relations benefits of violence against its drivers as it engaged in international power struggles with taxi drivers and legislators opposed to its expansion. . .”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$21.19	$22.34	$-1.15	-5.15%

See more on Factual Timeline

Initial Lawsuit

First Complaint - 08/16/2022

An Uber Technologies, Inc. shareholder filed a federal securities class action lawsuit on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired Uber common stock between May 31, 2019, and July 8, 2022, both dates inclusive.

Filing Date
08/16/2022
Class Period
05/31/2019 to 07/08/2022
Transgression
Securities Violation
Filing Firms
Pomerantz LLP
Case Title
Cao v. Uber Technologies, Inc.
Docket Number
4:22-cv-04688
Court
California Northern District Court
Free File
Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(i) Uber had defective disclosure controls and procedures;
(ii) Uber concealed and/or downplayed the full scope and severity of its prior misconduct, including, inter alia, the extent to which it secretly lobbied government officials and politicians to bypass legal and regulatory requirements, as well as knowingly risked the safety of Uber drivers, to fuel the company’s global growth;
(iii) as a result, Uber’s present global footprint and market share is in significant part the byproduct of previously undisclosed, unsustainable, and illegal business practices;
(iv) all the foregoing, once revealed, was likely to negatively impact Uber’s reputation, as well as subject the company to a heightened risk of governmental and regulatory scrutiny and enforcement action; and
(v) as a result, the company’s public statements were materially false and misleading at all relevant times.