Uber investor sues former CEO Kalanick for fraud

2018_Toyota_Camry_1

Uber co-founder and ousted CEO, Travis Kalanick now has more trouble on his platter following the recent filing of a lawsuit against him by one of the company's biggest investor, Benchmark Capital.

Accordingly, we would request that Benchmark help the Company realize its full potential by allowing the necessary work to be done in the Board Room rather than the Courtroom.

Benchmark also felt that Kalanick failed to satisfactorily respond to the numerous discrimination and sexual harassment instances that have cropped up with the company.

The suit, filed by early Uber investor Benchmark Capital, alleges that Kalanick fraudulently gained control of three out of Uber's 11 board seats. These scandals have led to halting of the Uber's self-driving vehicle after the engineer at the center of its development left the company.

Also on Friday, members of the board of directors sent an e-mail to Uber staff expressing dismay over the Benchmark lawsuit, a copy of the note obtained by Reuters showed. Gurley had acted as Kalanick's close confidant and mentor. 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.

Guardiola forecasts end to City spending spree
And, if you're so bleeding clever, why don't you ply us with a few of your own predictions for 2017/18. I don't know, we're going to ask the doctor because, of course, he was injured for a long time.

Benchmark alleged in its suit that pertinent information was hidden from investors and that Uber's own CEO had known beforehand that Waymo might sue.

The suit centers around the creation of three additional board seats at Uber in June 2016. Instead, the suit says that Kalanick appointed himself to one of those board positions and has refused to fill the others. With this statement and now the lawsuit, Ben Narasin a venture capitalist in the Silicon Valley is convinced that Kalanick "is done".

On Friday morning, three Uber investors asked Benchmark to divest its shares and step down from Uber's board, according to an e-mail published by news Web site Axios and confirmed by Reuters. Benchmark urged the court to issue an injunction blocking Kalanick from exercising his right to appoint new directors. 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.

Specifically, we do not feel it was either prudent or necessary from the standpoint of shareholder value, to hold the company hostage to a public relations disaster by demanding Mr. Kalanick's resignation, along with other concessions, on a few hours' notice and within weeks of a personal tragedy, under threat of public scandal. The investor indicated that some of the top CEOs are scared to take up the job.

Related news:

Hot News

isis-killer-beheading-video-story-top Letting Obamacare implode might be Trump's least popular position yet
Aug 12, 2017 - 23:19
For example, 6 in 10 Republicans and Trump backers want the GOP to continue its repeal and replace drive in Congress. The margin of sampling error including the design effect for the full sample is plus or minus 3 percentage points.

isis-killer-beheading-video-story-top Buffalo Bills reshape team in two surprising trades with Rams and Eagles
Aug 12, 2017 - 23:18
Secondly, Sean McVay is the new head coach and didn't have a weapon like Watkins on the Redskins last season. McDermott's first draft class - general manager Doug Whaley was gone shortly thereafter - looks promising.

isis-killer-beheading-video-story-top 15 killed in Pakistan bus stop bombing
Aug 12, 2017 - 23:05
An official of the Edhi trust in Quetta said around 15 bodies were shifted before adding that the death toll could be much higher. The ISPR confirmed that seven civilians were among the 15 martyrs, while 25, including 15 civilians, were injured in the attack.

isis-killer-beheading-video-story-top China protests after U.S. warship sails near South China Sea
Aug 12, 2017 - 23:05
The Pentagon declined to provide any details but said that all operations are conducted in accordance with worldwide law. Sailing within those 12 miles is meant to show that the United States does not recognize territorial claims there.

isis-killer-beheading-video-story-top Anna Paquin jokes about BBC breast broadcast
Aug 12, 2017 - 22:56
Actress Anna Paquin has expressed delight after her boobs were accidentally included during a broadcast of BBC's News At Ten. According to BBC's latest report on the story, Paquin said the " True Blood " scene was "fairy land graveyard sex".

isis-killer-beheading-video-story-top Chelsea step up pursuit of Leicester City's Danny Drinkwater
Aug 12, 2017 - 22:55
According to the Telegraph , Chelsea are getting ready to submit a second offer for Leicester midfielder Danny Drinkwater . FANCY Rom to run riot at the Red Devils? Well get on Sun Bets' special offer for the Premier League top goalscorer then.

isis-killer-beheading-video-story-top Alexis Sanchez to miss start of season through injury
Aug 12, 2017 - 22:47
Arsene Wenger has conceded Arsenal are not "super optimistic" of star man Alexis Sanchez signing a new contract. Wenger added he had a lot of players whose fitness he wasn't sure about going into the match.

isis-killer-beheading-video-story-top Victor Lindelof could be handed central midfield role, suggests Jose Mourinho
Aug 12, 2017 - 22:43
Lampard has no doubt that Matic's arrival will make United stronger. "We can but we can also play with four in the back", he said. I know he was at Juventus but I don't think he was ever completely their No. 1 striker, slightly in and out at different times.

isis-killer-beheading-video-story-top Burnley stun Chelsea at Stamford Bridge
Aug 12, 2017 - 22:37
Turns out Morata can play, and his diving header met a classy bit of playmaking from Willian to make it 3-1 in the 69th minute. Captain Cahill was sent off just 14 minutes into the game as Burnley went on rampage, scoring three goals in the first half.

isis-killer-beheading-video-story-top Heavy rains trigger flood-like situation
Aug 12, 2017 - 22:30
Rivers in South Sikkim are also likely to flow in Moderate Flood situation during the period from 10th to 15th August 2017. A portion of National Highway 415, which connects state capital Itanagar with Assam, eroded near Karsingsa on Friday.

isis-killer-beheading-video-story-top To stop BJP's 2019 march, Opposition parties to meet in Delhi today
Aug 12, 2017 - 22:28
The parties made a decision to take up the issues of farmers, Dalits, minorities and other marginalised groups during the period. An upset NCP had then announced contesting the assembly polls in alliance with the JD (U).

isis-killer-beheading-video-story-top Trump to direct Lighthizer to assess Chinese intellectual property practices
Aug 12, 2017 - 22:23
The North Korean statement pointed to recent military drills out of that command as reason for its newest threat. Trump tweeted Friday that military solutions are "locked and loaded, should North Korea act unwisely".

isis-killer-beheading-video-story-top Pakistan get U-19 cricket Asia Cup shifted from Bengaluru to Malaysia
Aug 12, 2017 - 22:21
Pakistan are eager to organise a three-match T20 series against World XI in a bid to bring back cricket in their country post the infamous terror attacks on touring Sri Lanka side in 2009.

isis-killer-beheading-video-story-top North Korean missiles and the challenges they pose to the United States
Aug 12, 2017 - 21:49
While tensions with North Korea have taken a bite out of the stock market, defense stocks are benefiting. It also has a spotty record, although its most recent test, in May, was a success.

isis-killer-beheading-video-story-top US Stocks Poised for Weekly Decline
Aug 12, 2017 - 21:45
Office Depot tumbled 22.4 percent after the office supplies retailer's quarterly results came in below estimates. Priceline Group dropped 8 percent after issuing a profit forecast that was weaker than analysts were expecting.