Over 10,500 London Cabbies Sue Uber Amid Allegations Of Rule-Bending As Stock Tumbles 21%
Portfolio Pulse from Zaheer Anwari
Over 10,500 London black-cab drivers have filed a £250 million lawsuit against Uber Technologies Inc (NYSE:UBER), accusing the company of breaking taxi booking rules and misleading authorities. This legal challenge comes amidst a 21% drop in Uber's stock price over the past two months, reflecting volatility in its financial performance.
May 28, 2024 | 4:48 pm
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Uber Technologies Inc (NYSE:UBER) is facing a £250 million lawsuit from over 10,500 London black-cab drivers, accusing the company of breaking taxi booking rules and misleading authorities. This legal challenge comes amidst a 21% drop in Uber's stock price over the past two months, reflecting volatility in its financial performance.
The lawsuit from over 10,500 London black-cab drivers adds significant legal pressure on Uber, which could lead to financial liabilities and regulatory scrutiny. This, combined with a 21% drop in stock price over the past two months, indicates a negative short-term impact on Uber's stock.
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