Uber Technologies, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Uber Technologies, Inc. (“Uber”) (NYSE: UBER) common stock between May 31, 2019 through July 8, 2022, both dates inclusive (the “Class Period”). Investors have until October 17, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Uber develops and operates proprietary technology applications in the U.S., Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific.
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 (“ICIJ”) 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 shares price declined by $1.15 per share, or approximately 5.15%, from $22.34 per share to close at $21.19 per share on July 11, 2022.
The lawsuit alleges that, throughout the Class Period, 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.