NEW YORK, Sept. 27, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Uber Technologies Inc. ("Uber" or the "Company"). Such investors are advised to contact Robert S. Willoughby at email@example.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.
By June 2016, seven years after the Company's founding, Uber was valued at nearly $70 billion, making it the most highly valued private technology startup. Shortly thereafter, however, a series of disclosures revealed the that Company and its former chief executive officer ("CEO"), Travis Kalanick, had misled investors with respect to Uber's corporate practices. In 2016, media reports revealed that sexual discrimination and disregard for the law was endemic to Uber's corporate culture. In June 2017, Kalanick resigned as CEO, under pressure from investors. The Company has faced several other scandals, including allegations of using software to steal driver and passenger data from Lyft Inc., Uber's largest competitor; Uber's alleged development of covert software designed to help Uber evade government detection in jurisdictions where the Company is banned from operating; a lawsuit filed by Google-subsidiary Waymo LLC, alleging theft of trade secrets for self-driving car technology; accusations of using recalled and unsafe vehicles known to catch fire; and three possible federal probes, including an investigation by the U.S. Department of Justice. Mutual fund companies such as Vanguard Group and T. Rowe Price Inc. have marked down their Uber investments by as much as 15 percent.
The Pomerantz Firm, with offices in New York, Paris, Chicago, and Los Angeles, 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
Robert S. Willoughby
SOURCE Pomerantz LLP