Tuesday, 24 October, 2017

Uber at war: Major investor sues cofounder Travis Kalanick for fraud

Uber's first employee steps down from executive role One Of Uber's Largest Investors Just Sued Former CEO Travis Kalanick
Velma Reese | 11 August, 2017, 00:26

Benchmark, an early investor and one of the largest shareholders in Uber Technologies, is suing the company's former CEO Travis Kalanick for fraud, breach of contract, and breach of fiduciary duty.

"Kalanick's overarching objective is to pack Uber's Board with loyal allies in an effort to insulate his prior conduct from scrutiny and clear the path for his eventual return as CEO-all to the detriment of Uber's stockholders, employees, driver-partners, and customers", the filing reads. In addition, Benchmark alleges that Kalanick has refused to follow through on a previous agreement to make the two board seats open to approval by the entire board of directors.

Uber's troubles include a trade-secret lawsuit by Alphabet Inc's Waymo unit that led to the departure of a star engineer and hobbled Uber's self-driving vehicle program; sexual harassment allegations that led to a major internal investigation and the dismissal of several top executives; and alleged misconduct by Kalanick and other executives in handling a rape committed by an Uber driver in India.

"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.

Zach Randolph reportedly arrested on drug charges
Although the news of Randolph's arrest is nothing to laugh at, Twitter came with more than a few jokes at the baller's expense. Three crowd members were allegedly spotted grabbing their waistbands and running, prompting the police to chase them down.

Benchmark in the suit says it wouldn't have.

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.

Travis Kalanick, who built Uber into a transportation behemoth, was ousted as chief executive of the ride-hailing company in June by unhappy investors. Continued tensions, as Kalanick still holds a seat on Uber's board, have slowed down the search for a replacement CEO. If the firm is successful, Kalanick would be kicked off the board of directors, which would also likely put an end to his rumored return to the company he helped found.

Recommended

Fire at turbine threatens New Orleans drainage pump system Fire at turbine threatens New Orleans drainage pump system If the city experiences a heavy downpour, like the one last Saturday, flooding of streets, homes, and businesses is possible. In the aftermath of the flooding, board officials, including Grant, said initially that all the pumps were working.

Corea del Nord dà dettagli su lancio missili, definisce 'sciocchezze' parole Trump Corea del Nord dà dettagli su lancio missili, definisce 'sciocchezze' parole Trump Il Segretario alla Difesa americano Jim Mattis ha dichiarato che la guerra provocherebbe la fine del regime di Pyongyang . Il regime di Pyongyang rilancia la sfida agli USA .

Executives arrested in the Netherlands as fipronil scandal widens Executives arrested in the Netherlands as fipronil scandal widens The German Federal Institute for Risk Assessment (BfR) says the highest amount of fipronil measured was 1.2mg per kg of egg. The Netherlands is Europe's biggest egg producer - and one of the largest exporters of eggs and egg products in the world.

"13 Reasons Why" Season 2 Will Have Clay Searching for Closure Mischievous Cyrus ( Bryce Cass ) may cause trouble in the lives of Clay and his peers. Meanwhile, the production for " 13 Reasons Why " Season 2 is now ongoing.

Guam's residents feel United States patriotism - and growing concern Guam's residents feel United States  patriotism - and growing concern There's a sense of patriotism among those who cite the island's history of Guam residents serving in the us military . The possibility of a nuclear confrontation is considered remote but global alarm has been escalating in recent days.

Single-payer health care system is coming Instead, according to Stabenow, the Trump administration has been more focused on trying to sabotage the current system. President Trump said he had a plan that was fabulous and all Americans would love it, but he was lying - imagine that.

Chelsea need more signings: Conte Conte's sense of urgency is driven by the knowledge that this season was not supposed to be about merely maintaining standards. Conte appears acutely aware of this. "And I think only one player is not enough to improve our team".

KCA seeks BCCI decision on Indian pacer's readiness to make comeback KCA seeks BCCI decision on Indian pacer's readiness to make comeback On the 15-day window between global assignments and the Indian Premier League (IPL), she said: "We are trying our best. We will try and adhere to it as far as possible since the Future Tours & Programmes (FTP) are decided way in advance".

Former Gov. Bill Richardson weighs in on North Korea threat Trump's comments came after a Washington Post report said North Korea has built a miniaturized nuclear warhead. Guam's Homeland Security Adviser George Charfauros urged calm and said defenses are in place for such threats.

NSE commences verification of suspected 'shell companies' on its platform NSE commences verification of suspected 'shell companies' on its platform The letter further read: "Exchanges shall initiate a process of verifying the credentials, fundamentals of such companies". The regulator in a August 7 circular to stock exchanges said these companies will not be allowed to trade this month.

'King of the Hill' May Be Revived at Fox 'King of the Hill' May Be Revived at Fox Fox cancelled the show in 2008 and moved Seth MacFarlane's " Family Guy " spinoff " The Cleveland Show " into its timeslot. The show ran from 1997 - 2009, amassing 259 hilarious and unforgettable episodes before Fox chose to pull the plug.

Analyzing Analyst Recommendations: AT&T Inc. (T), The Priceline Group Inc. (PCLN) Analyzing Analyst Recommendations: AT&T Inc. (T), The Priceline Group Inc. (PCLN) First Citizens Bank & Trust Co decreased Citrix Sys Inc (NASDAQ:CTXS) stake by 17,300 shares to 37,795 valued at $3.38M in 2016Q4. The current share price indicates that stock is 0.22% away from its one year high and is moving 47.15% ahead of its 52-week low.

GOP senator suggests brain tumor affected McCain vote GOP senator suggests brain tumor affected McCain vote In a Facebook Live town hall post Wednesday, he said, "It's a rough disease ... fortunately they found it early". McCain said he voted against the bill because it was a not full repeal as the GOP had promised.

Wiz Khalifa's mother sues Amber Rose for defamation Wiz Khalifa's mother sues Amber Rose for defamation Wimbush-Polk alleges that her assistant Danesa Lectic has her phone, and her five-year-old niece answered the call. Katie is asking for damages of more than $50,000, including court costs, interest, punitive and other damages.

Indians pick up OF Jay Bruce from Mets Indians pick up OF Jay Bruce from Mets The Indians are trying to hold off the Royals in the AL Central and make it to the World Series for the second straight year. Bruce, 30, played in 102 games for NY this season, batting.256 with 20 doubles, 20 home runs, 75 RBI and 61 runs scored.