It is difficult to understand Uber's prospectus as anything other than "if we release information, we will scare off more potential buyers than we will attract". That makes us wonder what such information would reveal. And it leads to a class-action of Uber's IPO as a—in all likelihood very successful—attempt at affinity fraud: Rett Wallace: Uber’s Enormous, Vague IPO Prospectus Is an Outrage: "The 431-page updated prospectus was filled with lawyerly phrases and volumes of information on potential risks, but it left many serious professional investors wondering why a company that loses $3bn annually would be worth that much. The information that financial analysts would need simply wasn’t in there. A solicitation for so much money with so little information is an outrage, and a sign that something of central importance has gone wrong in US public markets in recent years...
#noted
