Technology,
Civil Litigation
Jun. 17, 2022
Uber asks judge not to certify class that alleges misleading IPO
The proposed class claims Uber hid its business model to grow at any cost, regardless of profit, legal issues or passenger safety.
Uber Technologies Inc. asked a judge to deny class certification for a complaint that alleged the company committed securities fraud ahead of its initial public offering.
The proposed class of investors claim Uber made false and misleading statements as well as omissions about the company’s worth, practices and financial trajectory. After buying 180 million stocks at $45 a share, plaintiffs said they plummeted to $30 a share once informati...
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