What's Going On With Uber Stock Tuesday?
Portfolio Pulse from Anusuya Lahiri
Uber Technologies, Inc (NYSE:UBER) stock is trading lower following reports of its ongoing legal battle with a California lawsuit claiming it should have covered UberEats drivers' work-related expenses. The California Supreme Court ruled that UberEats driver Erik Adolph did not give up his right to sue on behalf of a large group of workers, despite agreeing to bring his work-related legal claims in private arbitration. This ruling conflicts with the Viking River decision and violates a federal law that requires enforcing valid arbitration agreements, according to Uber's lawyer.
July 18, 2023 | 11:14 am
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Uber's stock is trading lower due to the ongoing legal battle in California over covering UberEats drivers' work-related expenses. The recent ruling by the California Supreme Court could potentially lead to increased expenses for Uber.
The ongoing legal battle in California could potentially lead to increased expenses for Uber if they are required to cover work-related expenses for UberEats drivers. This could negatively impact their profitability and hence, their stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100