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IRVING FIREMEN'S RELIEF & RET. FUND v. UBER TECH.

No. 19-16667.

998 F.3d 397 (2021)

IRVING FIREMEN'S RELIEF & RETIREMENT FUND, Plaintiff-Appellant, v. UBER TECHNOLOGIES, INC.; Travis Kalanick, Defendants-Appellees, Morgan Stanley Investment Management Inc.; New Riders LP, Intervenors.

United States Court of Appeals, Ninth Circuit.

Filed May 19, 2021.

Attorney(s) appearing for the Case

Joseph D. Daley (argued) and Luke O. Brooks , Robbins Geller Rudman & Dowd LLP, San Diego, California; Dennis J. Herman , Robbins Geller Rudman & Dowd LLP, San Francisco, California; for Plaintiff-Appellant.

A. Matthew Ashley (argued), Andra Greene , and Michael D. Harbour , Irell & Manella LLP, Newport Beach, California, for Defendant-Appellee Uber Technologies, Inc.

Sarah M. Harris (argued), Joseph G. Petrosinelli , Eden Schiffmann , Harrison L. Marino , and Kimberly Broecker , Williams & Connolly LLP, Washington, D.C.; Walter F. Brown and James N. Kramer , Orrick Herrington & Sutcliffe LLP, San California; for Defendant-Appellee Travis Kalanick.

Before: Paul J. Kelly, Jr., Ronald M. Gould, and Ryan D. Nelson, Circuit Judges.

OPINION

This case concerns allegations of securities fraud against Uber Technologies, Inc. ("Uber" or the "Company"), a technology startup known for its ridesharing application, and Travis Kalanick ("Kalanick"), cofounder and former CEO of Uber. After Uber's founding in 2009, its valuation soared, with some investors...

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