NEW YORK, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Uber Technologies Inc. (“Uber” or the “Company”) (NYSE: UBER). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Uber and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or about May 10, 2019, Uber conducted an initial public offering (“IPO”) through which the Company offered 180 million shares to the public at a price of $45.00 per share.
In July 2019, Uber announced the termination of one third of its global marketing workforce.
On this news, Uber’s stock price fell $3.54 per share, or 8.31%, between July 30 and August 5, 2019, closing at $39.05 per share.
Then, in August 2019, Uber announced severely negative second quarter 2019 financial and operating results, including revenues of only $3.16 billion and losses of $5.2 billion. The Company also revealed that its ridesharing revenue growth had slumped to only 2% and that it sales and marketing expenses for the three and six months ended June 30, 2019 had spiked by 70.9% and 62.5%, respectively.
On this news, Uber’s stock price fell another $5.97 per share, or 13.89%, between August 8 and August 12, 2019, closing at $37.00 per share.
Since the IPO, Uber’s stock price has closed as low as $29.00 per share, representing a decline of 35.56% from the IPO price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
