Irell Wins Dismissal of Securities Fraud Action Against Uber

On July 31, 2019, Irell secured a dismissal with prejudice at the pleading stage of a securities fraud class action brought against Uber seeking billions of dollars in damages. The case was one of the first of its kind, brought under California’s market manipulation statute. At the outset of the case and over the plaintiff’s vigorous opposition, Irell obtained a stay of discovery pending resolution of Uber’s motion to dismiss. Then Irell secured the complete dismissal of the plaintiff’s complaint, followed by a second complete dismissal of the amended complaint with prejudice. The defense was led by Matt Ashley, with assistance from Michael Harbour.