An Uber investor is suing the company and former CEO, alleging fraud
A Texas-based retirement fund that invested in Uber is suing the company and its former CEO Travis Kalanick, alleging that the company made misleading statements about its business to drum up billions of dollars in investment starting in June 2014.
Irving Firemen's Relief Retirement Fund filed the lawsuit in California federal court on Tuesday. The lawsuit does not say how much Irving Firemen's Relief Retirement Fund is suing for, but alleges that Uber has lost at least $18 billion in private market value.
We're still digging through the lawsuit, and will update this post with more information as we get it.
An Uber representative declined to comment.
This story is developing.
You can read the lawsuit here:
Plaintiff Irving Firemen's Relief & Retirement Fund lawsuit filing against Uber and Travis Kalanick by Steven Tweedie on Scribd