Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Uber Technologies, Inc. (UBER) – Press Release

NEW YORK, Aug. 17, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Uber Technologies, Inc. (“Uber” or the “Company”) UBER in the United States District Court for the Northern District of California on behalf of investors who purchased or otherwise acquired Uber common stock between May 31, 2019 and July 8, 2022, both dates inclusive (the “Class Period”).

The Complaint allege that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Uber had defective disclosure controls and procedures; (ii) 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; (iii) 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; (iv) 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 (v) 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 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.

Investors who purchased or otherwise acquired shares of Uber should contact the Firm prior to the October 17, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.