Shareholder rights law firm Robbins LLP is investigating Uber Technologies, Inc. (NYSE: UBER) and its officers and directors to determine whether they breached fiduciary duties or violated securities laws by engaging in illicit and illegal conduct to fuel the Company's growth. Uber 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.
If you would like more information about our investigation of Uber Technologies, Inc.'s misconduct, click here.
What is this Case About: According to the complaint filed against Uber, 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 $12.19 per share on July 11, 2022.
Next Steps: If you acquired shares of Uber Technologies, Inc. between May 31, 2019 and July 8, 2022, you have until legal options. Contact Robbins LLP for information about your rights and remedies.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Uber Technologies, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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