Early Uber Investor Sues Ex-CEO Travis Kalanick for Alleged Fraud
12 August, 2017, 15:03 | Author: Terri Saunders
Nevertheless, it is Gurley's resignation from the board that the trio of dissenting shareholders demanded Friday, likewise asking that Benchmark sell off at least three-quarters of its 13 percent stake in the company, estimated to be worth more than $8 billion. But in a statement, Kalanick's spokesperson said the lawsuit is an attempt to deprive Kalanick of his rights as an Uber founder and shareholder. They are Kalanick's support for a harassing and abusive management style, the theft of trade secrets by a founder of Otto, an autonomous truck technology company that was acquired by Uber, the existence of the Grayball software to shut regulators out of the ride-sharing service, and the charge that Kalanick had received and read the medical records of a woman in India that complained of being raped by an Uber driver. This is expected to change the way investors deal with start-up founders in the future. Gurley resigned from Uber's board in June after he grew increasingly unhappy with Kalanick's behaviour, according to sources close to the situation. If Benchmark gets its way that board vote would be invalidated and Kalanick would be forced off the Uber board. These scandals have led to halting of the Uber's self-driving auto after the engineer at the center of its development left the company.
Benchmark's suit, filed in Delaware Chancery Court, seeks to have Kalanick removed as a director by reversing the board-expansion decision. The lawsuit accuses Kalanick of knowingly misleading the board to agreeing to increase the board members to 11 from eight, with Kalanick exclusively involved in filling the extra seats. Notably, Kalanick is one of the board members on the search committee for a new CEO, which may be one of the reasons nobody has stepped up to take the job. The other two remain vacant. With this statement and now the lawsuit, Ben Narasin a venture capitalist in the Silicon Valley is convinced that Kalanick "is done".
In the latest development, Sherpa Capital's Shervin Pishevar, Yucaipa Companies' Ron Burkle and Maverick's Adam Leber have started a revolt against Benchmark.
The lawsuit, which was first reported by Axios news website, alleges that Kalanick is scheming to regain power at Uber by "packing the board" with his own confidants.
The suit, which calls on a DE court to bar Kalanick from tinkering with the Uber board in any way, argued that Kalanick saw his resignation as unavoidable and finagled to "pack the board with loyal allies in an attempt to insulate his prior conduct from scrutiny and clear the path for his eventual return as CEO".
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These funds then begin to make their way towards gold , dollar, yen and the swiss franc as these are considered to be safe havens. Shares of Snap were down as much as 14.23 percent and hit an all-time low following a miss on revenue and daily active users.
The affected utility companies will be notified of the intent to dig. 811 can be called from anywhere in the country. When you dig, you run the risk of hitting an underground utility, even if you are only digging a few inches.
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The next time a total solar eclipse will be visible for a vast majority of the United States will be nearly 100 years from now. CATE, the Continental American Telescope Eclipse, is an experiment more than two years in the making.
The latest United States economic data cemented expectations that inflation will remain subdued amid a robust labour market. North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S.
In commodities , US crude fell 0.67 percent to $49.23 per barrel and Brent was last at $52.58, down 0.23 percent on the day. That came after the S&P 500's biggest one-day fall in almost three months on Thursday, led lower by technology stocks .
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Fred Bell, the vice chairman of the Palm Springs Air Museum, has been analyzing USA and North Korea relations for decades. And it was a three - it's $3 billion worth of exports of North Korea , over one third, being cut off.
In other news, insider Jonathan Symonds bought 10,000 shares of the company's stock in a transaction dated Tuesday, August 1st. Horizon Investments LLC purchased a new position in HSBC Holdings PLC during the second quarter worth approximately $945,000.
U.S. stocks fall on North Korea worries
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