RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Uber Technologies, Inc. ("Uber" or the "Company") (NYSE: UBER) securities during the period from May 31, 2019 through July 8, 2022 inclusive (the “Class Period”).
Uber shareholders may, no later than October 17, 2022, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Uber and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
According to the complaint, during 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.
On July 10, 2022, news reports announced the discovery of 124,000 internal Uber records spanning from 2013 – 2017, which were leaked to The Guardian and 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, Company’s stock price fell $1.15 per share or over 5%, to close at $21.19 per share on July 11, 2022.
If you are a member of the class, you may, no later than October 17, 2022, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.