According to the Complaint, Uber Technologies, Inc. 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. Lead Plaintiff filed a Motion for Class Certification on September 25.

The Court issued an Order of Consolidation on January 25, 2021. All future docketing was ordered to be done in the lead case 19-CV-06361.

On May 14, 2021, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on June 28. On October 1, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff filed a revised Motion for Class Certification on October 29. On July 26, 2022, the Court issued an Order granting Lead Plaintiffs' Motion for Class Certification.

The parties entered into a Stipulation and Agreement of Settlement on July 19, 2024. The Court granted preliminary approval of the Settlement on August 9.