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Uber Technologies, Inc. Class Action Lawsuit - UBER

13 days left to seek lead plaintiff status

Case Summary

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The Uber class action lawsuit seeks to represent purchasers or acquirers of Uber Technologies, Inc. (NYSE: UBER) common stock between May 31, 2019 and July 8, 2022, inclusive (the “Class Period”).  The Uber class action lawsuit – captioned Cao v. Uber Technologies, Inc., No. 22-cv-04688 (N.D. Cal.) – charges Uber and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Uber class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Uber class action lawsuit must be filed with the court no later than October 17, 2022.

CASE ALLEGATIONS: The Uber class action lawsuit alleges that 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, among other things, 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 Uber’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 Uber to a heightened risk of governmental and regulatory scrutiny and enforcement action; and (v) thus, Uber’s public statements were materially false and misleading at all relevant times.

On 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 Uber’s growth, and how all the foregoing conduct was known to, and in fact encouraged by, Uber’s top management.  On this news, Uber’s stock price fell by more than 5%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Uber common stock during the Class Period to seek appointment as lead plaintiff.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Uber class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Uber class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Uber class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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