Uber class action alleges stock prices fell after Guardian leaks

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Uber files leak class action lawsuit overview: 

• Who: Dongping Cao filed a class action lawsuit against Uber Technologies, Inc., Uber CEO Dara Khosrowshahi, and Uber CFO Nelson Chai. 
• Why: Cao claims Uber investors were harmed after the company’s stock price dropped after internal files disclosing its alleged wrongdoings were leaked to The Guardian and picked up by other news outlets. 
• Where: The class action lawsuit was filed in California federal court.

Uber shareholders were financially harmed after a cache of internal files disclosing company misconduct was leaked to The Guardian, causing the company’s stock price to drop, a new class action lawsuit alleges. 

Plaintiff Dongping Cao claims the internal documents—dubbed the “Uber Files”—revealed troubling information about the company, including its attempts to “skirt laws and regulations around the world.” 

Cao argues the Uber Files also showed the company was willing to risk the safety of its drivers in order to advance its growth, and that Uber’s top brass, including CEO Dara Khosrowshahi and CFO Nelson Chai, were aware of and encouraged the alleged misconduct. 

Uber stock price dropped 5.15% following leak of ‘Uber Files’ 

Uber’s stock price subsequently dropped 5.15% on July 11 after the Uber Files leaked a day prior, according to the Uber class action. 

“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common stock, Plaintiff and other Class members have suffered significant losses and damages,” states the Uber class action. 

Cao wants to represent a nationwide Class of consumers who purchased or otherwise acquired Uber common stock from between May 31, 2019 and July 8, 2022 and who were damaged financially by the Uber Files leak. 

Cao claims Uber, Khosrowshahi, and Chai are guilty of violating the Securities Exchange Act of 1934. He is demanding a jury trial and requesting an award of damages for himself and all Class Members. 

Last month, Uber agreed to pay $2.2 million to resolve the federal government’s allegations that it discriminated against passengers with disabilities by charging them a wait time fee in the event they took too long to enter a vehicle.

If you or a loved one was sexually assaulted by an Uber or Lyft driver in the last two years, you may qualify to join a rideshare driver sexual assault lawsuit investigation. 

The plaintiff is represented by Jennifer Pafiti, Jeremy A. Lieberman, and J. Alexander Hood II of Pomerantz LLP. 

The Uber Leak Class Action Lawsuit is Cao v. Uber Technologies, Inc., et al., Case No. 3:22-cv-04688, in the U.S. District Court for the Northern District of California.

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