Venture capital firm Benchmark Capital said on Monday it gave Uber and its ousted chief executive, Travis Kalanick, a month to review its recommendations before filing a lawsuit last week to force him off the board and rescind his ability to fill three seats.
The lawsuit, filed last Thursday, also accused Kalanick of concealing a range of misdeeds from the board and scheming to retain power at Uber Technologies Inc [UBER.UL] even after he was forced to resign as CEO in late June.
"We know that many of you are asking why Benchmark filed a lawsuit against Travis last week. Perhaps the better question is why we didn`t act sooner," Benchmark said in a letter to Uber employees on Monday. (http://bit.ly/2fFWmwK)
Uber did not immediately respond to a request for comment.
Kalanick was still involved in the day-to-day operations at Uber, which has created a sense of uncertainty and undermined the search for his replacement, Benchmark Capital said.
"Indeed, it has appeared at times as if the search was being manipulated to deter candidates and create a power vacuum in which Travis could return," Benchmark said in the letter.
The well-regarded venture firm was an early investor in Uber and said in the lawsuit that it owns 13 percent of Uber and controls 20 percent of the voting power.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)