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Morning Agenda: Uber Investor Sues Ex-CEO Travis Kalanick

The lawsuit is focused on how Mr. Kalanick gained control of several Uber house seats in 2016. Benchmark asserts that he did so by “material misstatements and fake concealment” of information and his “overarching design is to container Uber’s house with constant allies in an bid to isolate his before control from inspection and transparent a trail for his contingent lapse as C.E.O. — all to a wreckage of Uber’s stockholders, employees, driver-partners, and customers.”

The lawsuit says Mr. Kalanick deliberately hid problems during Uber and fraudulently performed a right to name 3 new house seats when a house stretched to 11 directors in 2016.

After he stepped down, Mr. Kalanick left a house chair designated for a arch executive, though immediately reappointed himself to one of a 3 seats he controlled, a lawsuit asserts. He has given refused to give adult control of a other dual house seats, according to a lawsuit.

A orator for Mr. Kalanick said, “The lawsuit is totally but consequence and riddled with lies and fake allegations.” The orator pronounced Benchmark was behaving in “its possess best interests” instead of in those of Uber, and combined that Mr. Kalanick “is assured that these wholly groundless claims will be rejected.”

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Article source: https://www.nytimes.com/2017/08/11/business/dealbook/uber-lawsuit-travis-kalanick.html