LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Uber Technologies, Inc. (“Uber” or the “Company”) (NYSE: UBER) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s May 2019 initial public offering (“IPO”). Uber investors have until December 3, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
In May 2019, the Company completed its initial public offering (“IPO”) in which it sold 207 million shares at $45 per share.
On August 8, 2019, Uber announced its second quarter 2019 financial results, reporting $5.24 billion loss and $2.87 billion revenue. The Company also disclosed that its ridesharing revenue only grew 2% and that its sales and marketing expenses had increased by $507 million, or 71%, due to driver incentives, consumer discounts, promotions, refunds, and credits.
Since the IPO, Uber’s stock has traded as low as $36.45 per share, significantly below the $45 offering price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that at the time of the IPO, Uber 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; (2) that Defendants were cutting (or planned to cut) costs in key areas that undermined the Company's central growth opportunities; and (3) 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.
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If you purchased Uber securities pursuant and/or traceable to the Registration Statement, you may move the Court no later than December 3, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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