SAN DIEGO — United States District Court Judge Richard Seeborg of the Northern District Court of California, San Francisco Division, last week granted a landmark $200 million settlement reached with Uber Technologies, Inc. on behalf of a class of investors represented by Scott+Scott and other law firms as co-counsel.
Originally filed in October 2019, the case centered on Uber allegedly making false and misleading statements about the value of its initial public offering – in fact, Uber’s stock reportedly lost 42% of its value by November 2019, trading around $25 per share compared to its opening of $45 per share. Investors alleged that the ride sharing platform concealed key information in its IPO filings, including internal reports of stalling growth and passenger safety issues, including rampant sexual assaults by drivers.
Scott+Scott served as co-lead counsel in the California state court action and ultimately joined forces with federal lead counsel to pursue the case in federal court.
The long-running case involved the production and review of hundreds of thousands of Uber’s documents and dozens of depositions throughout the United States, including of Uber’s officers and directors. The $200 million settlement will be paid out to investors who purchased Uber shares shortly after the company went public.
Plaintiffs’-side co-counsel included: Labaton Keller Sucharow LLP, Cotchett, Pitre & McCarthy LLP, and Robbins Geller Rudman & Dowd LLP.
The case is: Boston Retirement Systems v. Uber, Case No. 3:19-cv-06361 (D. Ca.)