Just a day after Benchmark Capital Partners sued former Uber CEO Travis Kalanick, another faction (of unknown size) led by investors Shervin Pishevar has asked that Benchmark call off its lawsuit, resign its board seat, and sell a substantial portion of its holdings in the ridesharing company.
Benchmark, one of Silicon Valley's top venture-capital firms, insists in its suit that Kalanick's reported transgressions weren't evident when Uber's board voted past year to increase its membership from eight to 11 and to give Kalanick sole appointment rights. That revelation's impact was somewhat lessened by the fact that Graves would remain as a member of the board.
Kalanick, who was forced to resign from Uber Technologies Inc.in June, is alleged to have failed to reveal to the company's board a range of misdeeds that have hurt the reputation of the company.
Kalanick gave up a direct management role in the company after the board voted to adopt a 10 point list of recommendations to improve corporate governance included in a report by an independent legal team that investigated the company's management practices.
'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, ' the statement said.
"It has been publicly reported that Kalanick's behaviour has already interfered with Uber's CEO search: various potential candidates have withdrawn from consideration because of Kalanick's continued participation in the search and his efforts to re-assert influence over the company", Benchmark said in its complaint.
Police summon Bigg Boss Contestant
While an official confirmation about the same is awaited, it will indeed be interesting to see her back on the show. The infamous suicide attempt of popular Bigg Boss Tamil contestant Oviya Helen has landed her in legal trouble.
With a 13 percent ownership, Benchmark has a 20 percent voting power in the firm. The venture capital firm says that would harm Uber's shareholders, employees, drivers and customers.
The suit, filed by early Uber investor Benchmark Capital, alleges that Kalanick fraudulently gained control of three out of Uber's 11 board seats. Benchmark has used false allegations from lawsuits like Waymo as a matter of fact and this and many actions has crossed the fiduciary line.
The letter was referring to a May boating accident that killed Kalanick's mother and injured his father even as the hard-charging Uber co-founder was losing his position as CEO of the company.
Benchmark is asking the court to invalidate the agreement to increase the board by three seats and kick Kalanick off the board altogether.
Benchmark's lawsuit is a transparent attempt to deprive Travis Kalanick of his rights as a founder and shareholder and to silence his voice regarding the management of the company he helped create.