NYSE: UBER Investor Notice: Update in Lawsuit against Uber Technologies, Inc announced by Shareholders Foundation

SAN DIEGO, CA / ACCESSWIRE / March 2, 2021 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares of Uber Technologies, Inc (NYSE:UBER).

Investors, who purchased shares of Uber Technologies, Inc (NYSE:UBER) in the initial public offering of Uber Technologies in May 2019 or shortly thereafter, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On October 4, 2019, a lawsuit was filed against Uber Technologies, Inc over alleged Securities Laws violations. The plaintiff alleged that the registration statement and related prospectus issued in connection with Uber's May 2019 IPO was allegedly false and/or misleading statements and/or failed to disclose that at the time of the Offering, Uber Technologies, Inc 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, that the Defendants were cutting (or planned to cut) costs in key areas that undermined the Company's central growth opportunities, and that 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 March 3, 2020, an amended complaint was filed and on May 5, 2020, the defendants filed their motion to dismiss the amended complaint. On August 7, 2020, the court issued an order denying the defendants' motion to dismiss the case and on January 25, 2021 the court issued an order to consolidate multiple cases.

Those who purchased Uber Technologies, Inc (NYSE:UBER) in the initial public offering of Uber Technologies in May 2019 or shortly thereafter should contact the Shareholders Foundation, Inc.

CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.

SOURCE: Shareholders Foundation, Inc.