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Uber and former CEO Kalanick win in court against lawsuit that claimed they were to blame for company's devaluation

1 Sep 2018

 

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. 

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