Uber Shareholders Win Class Status on Claims of IPO Deceit (1)

Shareholders suing Uber Technologies Inc. for allegedly hiding information about the legality of its business model, its passenger safety record, and other issues may represent a class of investors who purchased stock when the company went public, a federal court in California ruled.

Common issues predominate over individualized ones, including “snippets of information” that people associated with one institutional investor may have had, Judge Richard Seeborg said Tuesday for the US District Court for the Northern District of California.

Seeborg approved a class definition that includes everyone who acquired the ride-hailing platform’s common stock pursuant or traceable to documents filed ...