Uber Technologies, Inc. (NYSE: UBER)

A class action lawsuit has been filed on behalf of investors who purchased Uber Technologies, Inc. (“Uber”) (NYSE: UBER) common stock. The lawsuit alleges that certain Uber corporate officers fraudulently misled investors as part of the Company’s initial public offering (“IPO”) on May 10, 2010, causing Uber’s stock price to fall 33% from its IPO price after the truth emerged. The lawsuit seeks to recover monetary damages for Uber investors, with all litigation costs and expenses covered by Murphy Law Firm.
Investor Information

According to the lawsuit, in Uber’s IPO documents to investors, defendants touted the company’s growth, claiming that Uber is used by an average of 91 million consumers each month to facilitate approximately 17 million trips a day, while further claiming that the company would continue to grow its business through the expansion of Uber ridesharing, Uber Eats, and Uber Freight into new markets. However, these statements failed to disclose that Uber was rapidly increasing subsidies for customer's rides and meals to motivate drivers and consumers to use its platform, thereby inflating Uber's marketing expenses and growth figures while significantly undermining the profitability and sustainability of Uber’s business model. By September 2019, Uber's true financial situation was revealed when it reported losses of $5.2 billion in its latest Form 10-Q and disclosed the termination of over 800 employees. Since its disclosures, Uber's stock has significantly declined, now trading at around $30 per share, representing a 33% drop from its IPO price of $45 per share.

To join the lawsuit, please provide your information above, or to discuss your rights regarding this class action, please contact A. Brooke Murphy, Esq. at abm@murphylegalfirm.com or (405) 389-4989.