Initial Lawsuit
First Complaint - 08/16/2022An 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.
Defendants
Uber- Chief Executive Officer
Dara Khosrowshahi (“Khosrowshahi”) - Chief Financial Officer
Nelson Chai (“Chai”)
Khosrowshahi and Chai
