Uber and former CEO Kalanick win in court against lawsuit that claimed they were to blame for compan

A Texas pension fund that invested in Uber Technologies Inc. filed a lawsuit against the controversial ride-sharing app claiming the company ignored "illicit" business practices under the carpet that contributed to the decline in Uber's stock price, costing investors billions. On Friday U.S. District Judge Haywood S. Gilliam Jr. sided with Uber's and Travis Kalanick's claims that the lawsuit did not "specifically tie" any particular misrepresentation by the defendants (Uber and former CEO Kalanick) to any decline in the company's stock price.

According to a report in Bloomberg, Haywood wrote in his ruling that the lawsuit instead, "lumped together" scandals and asserted a vague and attenuated connection to Uber's devaluation. Haywood has however allowed the Texas pension fund to revise and refile the complaint.

963A03ED-3526-46F5-8B2D-CD54582F68A4.gif
  • Facebook TaxiPoint
  • Twitter TaxiPoint
  • YouTube TaxiPoint
  • Instagram
ltda banner.JPG

TRENDING...

VEHICLE...

COVID-19...

ETHOS 030 Taxi Point ad mob (002) MARKET
TAXI INSURANCE MMC October 2020.gif
Ascotts Taxi Repair
market
Plan Taxi Insurance
advertise with us.jpg

The views expressed in this publication are not necessarily those of the publishers.

All written and image rights are reserved by authors displayed. Creative Common image licenses displayed where applicable.

Reproduction in whole or in part without prior permission from the publisher is strictly prohibited.

All written content Copyright of TaxiPoint 2021.