NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) — 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 registered as 22-cv-04688, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired common stock of Uber. between May 31, 2019 and July 8, 2022, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies for 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 senior officers .
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 making inquiries by email are encouraged to include their mailing address, phone number and 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 Asia-Pacific. The Company connects consumers with transportation service providers and connects passengers and other consumers at restaurants, grocery stores and other stores with delivery service providers for meal preparation, l groceries and other delivery services.
Uber has long been plagued by scandals. As the company’s Senior Vice President of Marketing and Public Affairs recently stated: “There is no shortage of reports of Uber’s errors before 2017. Thousands of stories have been published, several books have been written , there was even a TV series.” These “mistakes” ranged from allegations of Uber executives knowingly covering up incidents of violence and sexual assault by its drivers, operating illegally in various jurisdictions, and using software to evade authorities and block their access to databases of the company.
After years of negative publicity, Uber made changes to its senior management, supposedly reformed its corporate culture, and presented itself as a new company that had atoned for its past compliance and cultural issues. However, unbeknownst to investors, the Company and its senior management had still not transparently disclosed and explained the full extent of the Company’s past misconduct.
The Complaint alleges that, throughout the Class Period, the 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 flawed disclosure controls and procedures; (ii) Uber concealed and/or minimized the extent and seriousness of its prior wrongdoing, including, among others, the extent to which she secretly pressured government officials and politicians to circumvent legal and regulatory requirements, as well as knowingly endanger the safety of Uber drivers, in order to fuel the global growth of the industry. ‘company ; (iii) therefore, Uber’s current global footprint and market share is largely the by-product of previously undisclosed, unsustainable and illegal business practices; (iv) any of the foregoing, when disclosed, was likely to negatively impact Uber’s reputation, as well as expose the Company to increased 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 material times.
On Sunday, July 10, 2022, reports emerged of a cache of 124,000 internal Uber records, dubbed the “Uber Files” by the media, spanning from 2013 to 2017, which were leaked to The Guardian and then shared with the International Consortium of Investigative Journalists and other media. These records revealed, among other things, how Uber secretly met with various government officials and politicians to circumvent laws and regulations around the world, as well as endanger the safety of Uber drivers, to advance the growth of the company, and how all the aforementioned conduct was known. to, and indeed encouraged by, senior management of the Company.
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 recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. 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 the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980