VC firm, Uber ex-CEO put lawsuit on hold so investment deal can go ahead

Cyrus Farivar

from Ars Technica - All content on 2017-11-13 10:00 (#37TB6)

Enlarge / SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. Son has spearheaded the new round of investment in Uber.

On Sunday, Uber's board of directors formalized a new arrangement that enables SoftBank and the Dragoneer Investment Group to purchase at least 14 percent of the ride-hailing startup. The move expands upon negotiations and related moves that took place more than a month ago.

Notably, Benchmark, a venture capital firm that had sued former CEO Travis Kalanick, won't pursue its lawsuit for now so that the SoftBank deal can go forward, per The Wall Street Journal.

Back in August, Benchmark, which holds about 13 percent of the company's stock, sued former CEO Travis Kalanick in August 2017, accusing him of "gross mismanagement and misconduct" during his tenure as chief executive.

Read 4 remaining paragraphs | Comments

index?i=Gm_wJVPAVZc:h8KfHI26Occ:V_sGLiPB

index?i=Gm_wJVPAVZc:h8KfHI26Occ:F7zBnMyn

Source	RSS or Atom Feed
Feed Location	http://feeds.arstechnica.com/arstechnica/index
Feed Title	Ars Technica - All content
Feed Link	https://arstechnica.com/