Glancy prongay & murray reminds investors of looming deadline in the class action lawsuit against uber technologies, inc.
Los angeles--(business wire)--glancy prongay & murray llp (“gpm”) reminds investors of the upcoming december 3, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of uber technologies, inc. (“uber” or the “company”) (nyse: uber) investors who purchased 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”). 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 shareholders@glancylaw.com, 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. follow us for updates on twitter: twitter.com/gpm_llp. if you purchased or otherwise acquired uber securities pursuant and/or traceable to the registration statement, you may move the court no later than december 3, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. to be a member of the class action 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 action. if you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 shareholders@glancylaw.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. this press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
