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  • 06.14.17

Drivers are suing Juno for ending its profit-sharing program

Juno drivers are pissed. They were lured from Uber and other ride-hailing platforms under the promise of stock options in Juno that never came to fruition. Now they’re suing for false advertising, breach of contract, and securities fraud, among other counts. According to the recently filed class action complaint, Juno promised to continue issuing stock to drivers until 2026 or when the company was 50% owned by drivers. It’s stock incentive helped Juno gain market share quickly in New York. When Gett acquired Juno for $200 million earlier this year, it quickly ended the stock-sharing program and doled out as much as $250 in cash compensation to drivers. From the suit:

“Existing shares were either extinguished for no value, or extinguished in exchange for de minimis cash consideration—an amount representing a fraction of what they were owed had Juno honored its agreements.” 

RR