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Lawsuit filed for Investors in shares of Uber Technologies, Inc (NYSE: UBER) over alleged Securities Laws Violations

10-07-2019 08:07 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Uber Technologies, Inc (NYSE: UBER) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Uber Technologies, Inc (NYSE: UBER) shares over alleged securities laws violations.

The Shareholders Foundation announced that an investor, who purchased shares of Uber Technologies, Inc (NYSE: UBER), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged Securities Laws violations by Uber Technologies, Inc in connection with Uber’s May 2019 initial public stock offering.

Investors who purchased shares of Uber Technologies, Inc (NYSE: UBER) have certain options and for certain investors are short and strict deadlines running. Deadline: December 3, 2019. NYSE: UBER investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

In May 2019, San Francisco, CA based Uber Technologies, Inc completed its initial public offering ("IPO") in which it sold 207 million shares at $45 per share, for a value of $9.315 billion.

On August 8, 2019, Uber Technologies, Inc announced its second quarter 2019 financial results, reporting $5.24 billion loss and $2.87 billion revenue.

Shares of Uber Technologies, Inc (NYSE: UBER) declined to as low as $28.31 per share on October 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Uber Technologies, Inc (NYSE: UBER) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the registration statement and related prospectus issued in connection with Uber’s May 2019 IPO was allegedly false and/or misleading statements and/or failed to disclose that at the time of the Offering, Uber Technologies, Inc was rapidly increasing subsidies for drivers and customer's rides and meals in a bid for market share, which caused the Company's sales and marketing expenses to swell, that the Defendants were cutting (or planned to cut) costs in key areas that undermined the Company's central growth opportunities, and that as a result, defendants’ statements about Uber’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times

Those who purchased shares of Uber Technologies, Inc (NYSE: UBER) have certain options and should contact the Shareholders Foundation.

About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

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