Uber Technologies shares are trading lower as California Supreme Court rules against the company in a lawsuit claiming it should have covered UberEats drivers' work-related expenses.
Portfolio Pulse from Benzinga Newsdesk
Uber Technologies' shares are expected to trade lower following a ruling by the California Supreme Court against the company. The lawsuit claimed that Uber should have covered UberEats drivers' work-related expenses.
July 18, 2023 | 10:07 am
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NEGATIVE IMPACT
Uber's stock price is expected to decrease in the short term due to the negative ruling by the California Supreme Court.
The ruling by the California Supreme Court against Uber is a significant legal setback for the company. This could lead to increased operational costs if Uber is required to cover drivers' work-related expenses, which could negatively impact the company's financial performance and, consequently, its stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100