Uber defeats investors’ suit over scandals

Bloomberg

Uber Technologies Inc. and its former Chief Executive Officer Travis Kalanick defeated a lawsuit claiming the company swept illicit business practices under the rug that cost investors billions of dollars.
US District Judge Haywood S. Gilliam Jr. in Oakland, California, agreed with Uber’s and Kalanick’s bid to toss the class-action claims by a Texas city’s firefighter pension fund while allowing the fund to revise and refile the complaint.
The lawsuit “does not specifically tie any particular misrepresentation by defendants to a decline in Uber’s stock price”, Gilliam wrote in his ruling.
Instead it “lumps together” scandals and asserts a “vague and attenuated connection” to the devaluation of Uber’s stock, he said.