SAN FRANCISCO — In a surefire sign that legal woes beget more legal woes, lawyers at Robbins Geller Rudman & Dowd on Tuesday fired off the first securities fraud lawsuit against Uber. The suit, filed in U.S. District Court for the Northern District of California, claims the ride-hailing company and former CEO Travis Kalanick misled investors in the run-up to a series of scandals that have led to a precipitous drop in Uber’s value.
“While outwardly representing itself as a start-up darling fueled by technical innovation and entrepreneurial gumption in order to induce billions of dollars of investment, behind the scenes Uber was operating in violation of applicable law and driving its expansion by a company-wide commitment to short-term growth at all costs, no matter the legal, financial or reputational risks involved,” wrote Robbins Geller name partner Darren Robbins.
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