Uber Technologies Inc Investor Securities Class Action Lawsuit 09/26/2017

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Company Name(s): 
Uber Technologies
Case Name: 
Uber Technologies Shareholder Class Action Lawsuit 09/26/2017
Case Status: 
Lawsuit Filed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/26/2017
Class Period Begin: 
06/06/2014
Class Period End: 
10/22/2017
Court of Filing: 
U.S. District Court for the Northern District of California
Summary: 

September 26, 2017 (Shareholders Foundation) - An investor in shares of Uber Technologies Inc, filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Uber Technologies Inc in connection with certain allegedly false and misleading statements made between June 6, 2014 and September 22, 2017.

The plaintiff says that beginning in 2014 Uber Technologies Inc and its former Chief Executive Officer (“CEO”) Travis Kalanick commenced a mass media campaign designed to induce investors to invest billions of dollars in the Company, as Uber expanded to grow its global operations and offer a wider array of transportation and delivery services and that by 2016, defendants had directly or indirectly through investment vehicles raised more than $10 billion from plaintiff and other investors, and Uber Technologies Inc had reached a valuation of nearly $70 billion by mid-2016,

According to the complaint the plaintiff alleges on behalf of purchasers of Uber Technologies Inc common shares between June 6, 2014 and September 22, 2017, that the defendants violated Federal Securities Laws. The plaintiff claims that in early 2017, defendants’ story began to unravel and in a span of only a few months a shocking litany of corporate misconduct came to the fore, and investors learned startling truths about the willingness of Uber’s C-Suite executives to flout local, national and international law, stifle competition, misappropriate trade secrets and seek vengeance against detractors. Furthermore, the plaintiff alleges that the Company’s vaunted corporate culture was revealed to in truth consist of a toxic hotbed of misogyny, sexual discrimination, and disregard for the law that threatened the Company’s reputation, business and prospects.