The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Uber Technologies, Inc. (NYSE: UBER) who purchased shares pursuant and/or traceable to Uber’s registration statement issued in connection with Uber’s May 10, 2019 initial public stock offering. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Uber Technologies, Inc. lawsuit alleges that (1) at the time of the initial public offering, Uber was rapidly increasing subsidies for customer’s rides and meals in a bid for market share, which caused the Company’s sales and marketing expenses to swell; and (2) Defendants were cutting (or planned to cut) costs in key areas that undermined the Company’s central growth opportunities.
Shareholders have until December 3, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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