Uber investor lawsuit accuses Kalanick of rigging board


Benchmark Capital Partners, which now holds 13 percent of the company's stock and about 20 percent of its voting power on the board of directors, filed the lawsuit against Kalanick and Uber on Thursday.

Kalanick, the former CEO of Uber, to entrench himself on Uber's Board of Directors and increase his power over Uber for his own selfish ends.

"In 2016, Kalanick fraudulently obtained control of three newly created seats on Uber's Board by his material misstatements and fraudulent concealment from Benchmark of material information that would have led Benchmark to reject the creation of the seats", Benchmark Capital wrote it its complaint.

The company is also being taken to court by self-driving firm Waymo, which has accused Uber of stealing aspects of its self-driving vehicle technology.

However the lawsuit plays out, and it could take a very long time to play out, the move would seem to make it almost impossible for Kalanick to return - leaving Uber's fate squarely in the hands of the board. Tensions between Uber and Benchmark have remained high, which Axios says has contributed to the slow pace in finding a new CEO.

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It says that the court should invalidate an agreement from 2016 that let him pick three board members, which would remove the former CEO as the company searches for his replacement.

Earlier today, Uber's first employee and original CEO, Ryan Graves, stepped down as the company's senior vice president of global operations, but announced that he will maintain his board position there.

The lawsuit is completely without merit and riddled with lies and false allegations.

Kalanick also didn't mention to Benchmark "a pervasive culture of gender discrimination and sexual harassment and a hose of other inappropriate and unethical directives" he issued, the suit contended. Uber has fired at least 20 employees as a result of that investigation. Travis will continue to act in the interests of Uber and all of its stakeholders and is confident that these entirely baseless claims will be rejected.