A retirement fund called Irving Firemen's Relief & Retirement, based in Texas, invested about $2 million in Uber in 2016.
It's saying Uber allegedly covered up "a variety of illicit business tactics," which has threatened its long-term prospects and therefore hurt shareholders.
The lawsuit was filed in the US District Court for the Northern District of California.
"For the last several years defendants viewed themselves as above the law," said Darren Robbins, partner at Robbins Geller, which is representing Irving Firemen's Relief & Retirement Fund.
The company, founded in 2009, managed to upend the taxi industry and become the world's most valuable startup, with a valuation of $68 billion.
Over the course of the last few years, Uber quickly became one of the biggest ride-hailing services on the planet, with a no-apologies attitude and notoriously aggressive CEO Travis Kalanick.