August 7, 2020 - The court denied the defendant's motion to dismiss the case.

March 3, 2020 - An amended complaint was filed.

October 4, 2019 - An investor in shares of Uber Technologies, Inc (NYSE: UBER) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Uber Technologies, Inc in connection with certain allegedly false and misleading statements made in connection with Uber’s May 2019 initial public stock offering.

In May 2019, San Francisco, CA based Uber Technologies, Inc completed its initial public offering ( IPO ) in which it sold 207 million shares at $45 per share, for a value of $9.315 billion. On August 8, 2019, Uber Technologies, Inc announced its second quarter 2019 financial results, reporting $5.24 billion loss and $2.87 billion revenue. Shares of Uber Technologies, Inc (NYSE: UBER) declined to as low as $28.31 per share on October 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Uber Technologies, Inc (NYSE: UBER) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims 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.