Uber Shares Hover Near Low as Investors Sue Post-IPO

Shareholders claim in a class action that in the lead-up to its initial public offering, Uber Technologies Inc. failed to warn investors about “rapidly increasing subsidies for customer rides and meals in a bid for market share” while “at the same time, cutting (or planning to cut) costs in key areas that undermined Uber’s central growth opportunities.”

Read more

San Francisco Millionaires Want to Be Taxed More

The Tax the Rich Conference was put on by a group calling itself the Patriotic Millionaires, comprised of individuals who earn more than $1 million per year or have accumulated at least $5 million. But unlike a healthy segment of high-income earners and wealthy individuals, they weren’t fighting to keep as much money as possible, but organizing to get the government to take more of it. 

Read more

Court Tosses Suit Over Self-Reported Exec Misconduct at LendingClub

A derivative action against online loan platform LendingClub Corp. alleging that the company’s board of directors breached its fiduciary duties was dismissed in Delaware Chancery Court  after investors failed to prove that the board acted in bad faith after self-reporting misconduct to the Securities and Exchange Commission. 

Read more

Border Wall, Impeachment Battle Imperil Budget Progress

The Senate passed a long-overdue, $209 billion bundle of bipartisan spending bills Thursday, but a bitter fight over funding demanded by President Donald Trump for border fencing continues to imperil broader Capitol Hill efforts to advance $1.4 trillion worth of annual Cabinet agency budgets.

Read more