AB 5 supporters circle the California State Capitol during a rally in Sacramento.
US District Judge Dolly M Gee had signalled during a Feb 7 hearing that she would deny the preliminary injunction sought by Uber and Postmates. Uber’s US$8.1 billion IPO in May was the largest of the year in the US. Its shares have sunk 11% since then. Lyft Inc, which raised US$2.34 billion in March, has fallen 25% from its offer price.
“State legislators had the opportunity to expand benefits for hundreds of thousands of independent workers in California, a step Uber has been advocating for and one that other states already have taken,” Uber said in a statement.
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