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Benchmark Capital Files Suit Against Former Uber CEO Travis Kalanick

10 August, 2017, 23:12 | Author: Nadine Todd
  • It’s looking bleak

Benchmark, which holds a 13 percent stake in Uber, alleges Kalanick engaged in fraud by misleading investors about his effort to pack the firm's board with allies willing to keep him as a director after he was removed as the company's top executive, according to the suit. The complaint, which was filed in DE court, accuses Kalanick of "fraud, breach of contract and breach of fiduciary duty". Founder and CEO Travis Kalanick was the most high-profile departure, but a who's who of Uber's other senior members have also jumped ship recently. The firm refers to both sexual harassment at Uber and the lawsuit Uber faces over stealing self-driving technology from Google. Uber has had no COO for years, which has left Graves to take on much of the workload that the C-suite exec would normally handle. This is a reference to the ongoing lawsuit between Uber and Alphabet, the latter accusing the former of stealing its self-driving vehicle secrets.

Uber and Benchmark Capital did not immediately respond to requests for comment. He still remains on the company's board, but has interfered with the new CEO search, according to Benchmark's lawsuit.

Benchmark is seeking for the June 2016 vote to be invalidated, which would effectively eliminate the three board seats.

If successful, the Benchmark lawsuit could kick Kalanick off the board of directors, making his return impossible. Here's a copy of the complaint.

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