Uber Investors Seek Class Cert. In Scandal-Scarred IPO Suit

Uber Investors Seek Class Cert. In Scandal-Scarred IPO Suit

Law360 (September 28, 2020, 6:35 PM EDT) — Uber Technologies Inc. investors have asked a California federal judge to certify a securities class action alleging the ride-hailing giant duped shareholders about numerous corporate scandals, overhyped its business prospects and downplayed risks ahead of its May 2019 initial public offering.

Boston Retirement System, the pension fund for Boston’s city employees that’s represented by Labaton Sucharow LLP, filed a motion with U.S. District Judge Richard Seeborg on Friday, asserting that they’re best suited to steer classwide claims that Uber’s various missteps and misrepresentations led to an $8.1 billion debut that amounted to a “train wreck” for hundreds and likely thousands of…

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