Uber's Alleged IPO Document Misstatements Deemed Actionable

Mealey's (August 12, 2020, 2:49 PM EDT) -- NEW YORK — Dismissal of a shareholder class action lawsuit against on-demand ride and food delivery transportation company Uber Technologies Inc. and others is not proper because a lead plaintiff sufficiently pleaded its federal securities law claims in alleging that the defendants failed to disclose material facts pertaining to the company's business model and financial condition and the safety of passengers in offering documents for Uber's initial public offering (IPO), a federal judge in California ruled Aug. 7 (Boston Retirement System, et al. v. Uber Technologies Inc., et al., No. 19-6361, N.D. Calif., 2020 U.S. Dist. LEXIS 141724)....