NEW YORK, NY / ACCESSWIRE / September 25, 2022 / Pomerantz LLP announces that a class action lawsuit has been filed against Uber Technologies, Inc. ("Uber" or the "Company") (NYSE:UBER) and certain of its officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 22-cv-04688, is 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 (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Uber common stock during the Class Period, you have until October 17, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Uber develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The Company connects consumers with providers of ride services, and connects riders and other consumers with restaurants, grocers, and other stores with delivery service providers for meal preparation, grocery, and other delivery services.
Uber has long been plagued by scandal. As the Company's Senior Vice President of Marketing and Public Affairs recently stated: "There has been no shortage of reporting on Uber's mistakes prior to 2017. Thousands of stories have been published, multiple books have been written-there's even been a TV series." These "mistakes" ranged from allegations of Uber executives knowingly concealing incidents of violence and sexual assault by its drivers, operating illegally in various jurisdictions, and utilizing software to evade authorities and block their access to the Company's databases.
Following years of negative publicity, Uber made changes to its top management, purportedly reformed its corporate culture, and touted itself as a new company that had atoned for its prior compliance and cultural issues. However, unbeknownst to investors, the Company and its top management had still not transparently divulged and accounted for the full scope of the Company's prior misconduct.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding Uber's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.
On Sunday, July 10, 2022, news reports emerged regarding a cache of 124,000 internal Uber records, dubbed the "Uber Files" by media outlets, spanning from 2013 to 2017, that were leaked to The Guardian and subsequently shared with the International Consortium of Investigative Journalists and other news outlets. These files revealed, among other things, how Uber secretly met with various government officials and politicians to skirt laws and regulations around the world, as well as risked Uber drivers' safety, to advance the Company's growth, and how all the foregoing conduct was known to, and in fact encouraged by, the Company's top management.
On this news, Uber's stock price fell $1.15 per share, or 5.15%, to close at $21.19 per share on July 11, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP