According to the Complaint, Uber Technologies, Inc. develops and operates proprietary technology applications in the U.S., Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The Company connects consumers with providers of ride services, and connects riders and other consumers with restaurants, grocers, and other stores with delivery service providers for meal preparation, grocery, and other delivery services.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding Uber’s business, operations, and compliance policies. Specifically, the Complaint alleges 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 November 10, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 30, 2023. Defendants filed a Motion to Dismiss the amended Complaint on March 31.

On May 14, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.