Uber investor sues former CEO Kalanick for fraud

Things could go from bad to worse for Travis Kalanick

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.

Buffalo Bills reshape team in two surprising trades with Rams and Eagles
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.

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 Facebook anonymously launched an app in China
Aug 12, 2017 - 23:12
But like a lot of USA companies, Facebook has had a hard time breaking through China's onerous digital censorship laws. It was released through a local Chinese company known as Youge Internet Technology.

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.

Guardiola forecasts end to City spending spree
Aug 12, 2017 - 23:00
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.

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.

Markets extend losses as Korea tensions escalate
Aug 12, 2017 - 22:51
Significant strength was also visible among software stocks, as reflected by the 1.2% gain posted by the Dow Jones Software Index. Data storage company Seagate Technology (STX) is posting a standout gain within the hardware sector, climbing by 2.1 percent.

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.

Trump praises new United Nations sanctions on North Korea
Aug 12, 2017 - 22:38
While the USA position is that North Korea must ultimately give up its nukes, the North insists it must keep them. It has long accused the United States and South Korea of escalating tensions by conducting military drills.

isis-killer-beheading-video-story-top Is this beloved Game Of Thrones character coming back from the dead?
Aug 12, 2017 - 22:35
Thanks to Game of Thrones' penchant for dark colors, I can barely make out any distinguishing features on that woman. I'm not sure if all of this has been pointed out before, but it is worth bringing up.

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.

Guardiola wants Man City to play like Barca - Toure
Aug 12, 2017 - 22:19
The City boss says that transfer fees can not continue to grow at the current case and expects them to level off at some point. Possibly, the first game of the season may be the best time to play Manchester City, particularly at the Amex.

isis-killer-beheading-video-story-top Rumor: Joss Whedon Is Completely Redoing Justice League's Ending
Aug 12, 2017 - 21:54
In fact, Affleck said he thinks that things are finally starting to work and DC is getting things right as they move forward. Incredible but true, the Justice League will be released finally on our screens in a few months, on November 15, precisely.

isis-killer-beheading-video-story-top Big Changes Are Coming To Destiny 2's Beta Before PC Release
Aug 12, 2017 - 21:52
A new trailer for Destiny 2 has been released, and this one focuses on the game's competitive multiplayer gameplay. The beta will then open up to anyone who wants to give it a try on the 29th and will conclude on the 31st.

isis-killer-beheading-video-story-top Two detained in Dutch tainted eggs investigation
Aug 12, 2017 - 21:44
Products will be withdrawn due to the chemical's unauthorized status, rather than a specific safety concern. This insecticide if consumed in high quantities can cause damage to kidneys, liver and thyroid glands.