Updated: May 20, 2020
Status: Ongoing Case
On January 3, 2020, Labaton Sucharow LLP was appointed lead counsel in a securities class action against Uber Technologies, Inc. (“Uber”), in connection with Uber’s initial public offering (“IPO”) that raised more than $8 billion in gross proceeds. Uber is a multinational ride-hailing company that offers peer-to-peer (“P2P”) ridesharing and black car transportation, on-demand food delivery, and on-demand shipping, among other “Personal Mobility” and on-demand services. The action is pending in the U.S. District Court for the Northern District of California (“N.D. Cal.”).
On March 3, 2020, the lead plaintiff filed an amended class action complaint alleging that the IPO’s registration statement and prospectus made material misstatements and omissions in violation of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. In particular, the amended complaint alleges that Uber premised the company’s growth on an undisclosed, unsustainable, and often illegal “growth at any cost” business model. The amended complaint alleges three categories of misstatements, including (1) illegal business model, (2) passenger safety, and (3) financial condition.
The case is Stirratt v. Uber Technologies, Inc., et al., No. 19-cv-06361-RS (N.D. Cal.). Labaton Sucharow represents lead plaintiff Boston Retirement System. The defendants are Uber, certain of its officers and directors, and its IPO’s underwriters.