Uber Technologies, Inc (NYSE: UBER) Investor Securities Class Action Lawsuit 10/04/2019

If you purchased shares of Uber Technologies, Inc (NYSE: UBER), you have certain options and for certain investors are short and strict deadlines running. Deadline: December 3, 2019. NYSE: UBER investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Uber Technologies
Case Name: 
Uber Technologies Shareholder Class Action Lawsuit 10/04/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: UBER
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/04/2019
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
12/03/2019
Summary: 

An investor in shares of Uber Technologies, Inc (NYSE: UBER) 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 in connection with Uber’s May 2019 initial public stock offering.

In May 2019, San Francisco, CA based Uber Technologies, Inc completed its initial public offering ("IPO") in which it sold 207 million shares at $45 per share, for a value of $9.315 billion. On August 8, 2019, Uber Technologies, Inc announced its second quarter 2019 financial results, reporting $5.24 billion loss and $2.87 billion revenue. Shares of Uber Technologies, Inc (NYSE: UBER) declined to as low as $28.31 per share on October 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Uber Technologies, Inc (NYSE: UBER) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the registration statement and related prospectus issued in connection with Uber’s May 2019 IPO was allegedly false and/or misleading statements and/or failed to disclose that at the time of the Offering, Uber Technologies, Inc was rapidly increasing subsidies for drivers and customer's rides and meals in a bid for market share, which caused the Company's sales and marketing expenses to swell, that the Defendants were cutting (or planned to cut) costs in key areas that undermined the Company's central growth opportunities, and that as a result, defendants’ statements about Uber’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.