According to the Complaint, Uber purports to be a technology company that primarily facilitates access to rides and meals on demand.

This is a federal securities class action on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Uber securities pursuant and/or traceable to Uber’s Registration Statement issued in connection with Uber’s May 10, 2019 initial public stock offering, seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933.

The Complaint alleges that the Registration Statement was false and/or misleading statements and/or failed to disclose that: (1) at the time of the Offering, Uber 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; (2) Defendants were cutting (or planned to cut) costs in key areas that undermined the Company's central growth opportunities; and (3) 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.

On January 3, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 3. Defendants filed a Motion to Dismiss the amended Complaint on May 5. On August 7, the Court issued an Order denying Defendants' Motion to Dismiss.