Court Consolidates Uber IPO Securities Suits

On Monday, Judge Richard Seeborg of the Northern District of California issued an order granting consolidation for various securities lawsuits filed against Uber relating to its initial public offering (IPO).

Previously, the Boston Retirement System action, which Law Street Media covered in August when Uber’s motion to dismiss the suit was denied, and another securities suit were deemed related. Both cases alleged that Uber committed securities violations arising from its IPO and claimed that Uber and its officers made false and misleading statements. 

In the present filing, the court agreed to consolidate the actions because their putative classes assert the same causes of action against the same defendants from the same circumstances; and “it would be unduly burdensome, involve unwarranted duplication of effort and expense, and give rise to the prospect of inconsistent or conflicting results if the Actions were heard by different Judges.” Therefore, in accordance with the parties’ stipulation and agreement the other action is consolidated into the Boston Retirement System action and will be heard before the Northern District of California court.

Boston Retirement System shall continue as the Lead Plaintiff and Labaton Sucharow LLP will continue as Lead Counsel, according to the order. The judge added that the operative complaint in the action will be the amended complaint in the Boston Retirement System action.

The lead counsel for the lead plaintiff is Labaton Sucharow LLP. Other firms in the suit are Scott + Scott Attorneys At Law LLP; Shearman & Sterling LLP; and Willkie Farr & Gallagher LLP.