NEW YORK, NY / ACCESSWIRE / September 29, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Uber Technologies, Inc. (“Uber” or the “Company”) (NYSE:UBER) and reminds investors of the October 17, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Uber stock or options between May 31, 2019 and July 8, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/UBER.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Uber had defective disclosure controls and procedures; (2) 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; (3) 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; (4) 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 (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On Sunday, July 10, 2022, news reports emerged regarding a cache of 124,000 internal Uber records, dubbed the “Uber Files” by media outlets, spanning from 2013 to 2017, that were leaked to The Guardian and subsequently shared with the International Consortium of Investigative Journalists (“ICIJ”) 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, Uber’s stock price fell $1.15 per share, or 5.15%, to close at $21.19 per share on July 11, 2022.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Uber’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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