NEW YORK, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Ryde Group Ltd (NYSE: RYDE) that a class action has been filed on behalf of shareholders who purchased securities between March 6, 2024 and September 11, 2024. Find out if you may be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
Priced at $4.00 per share in March 2024 for $12,000,000 in gross proceeds, RYDE peaked at $22.49 on September 11, 2024, before falling roughly 75% to $5.50 and later trading near $0.50, a drop more than 95% from that high. The lead plaintiff deadline is November 9, 2026.
The Promise
The company projected a path to becoming a "Super mobility app" in Singapore across two segments, mobility and quick commerce, and allocated the offering proceeds with specificity: approximately 15% for market expansion in Southeast Asia and other countries, approximately 20% for technology research and development, and approximately 20% for marketing and brand building. Offering documents told purchasers that the consolidated financial statements were prepared and presented in accordance with U.S. GAAP.
The Reality
Results revealed a business whose reported revenue from mobility and quick commerce rose by only S$428,000 year over year, from S$6,174,000 to S$6,602,000, while the shares climbed more than 500% in weeks to a market capitalization of roughly $900 million on about 40 million shares. The complaint alleges that surge was driven by a coordinated social media promotion campaign in which impersonators using the stolen identities of U.S. financial advisors funneled retail buyers from Facebook advertisements into WhatsApp and WeChat groups with instructions on purchase prices, share counts, and hold times.
Promise vs. Actual: By the Numbers
- Offering price presented to purchasers: $4.00 per share. Recent trading level: approximately $0.50 per share.
- Peak price: $22.49 on September 11, 2024. Close that same session after an approximately 75% decline: $5.50.
- Reported revenue growth: S$428,000 year over year, against a peak valuation of roughly $900 million.
- Underwriting discount disclosed: 7.5% of gross proceeds.
- Risk language disclosed: warnings that "[o]verreliance on incentives may create dependency among both driver-partners and consumers," with no mention, the complaint contends, of market manipulation risk inherent in the offering structure.
What the Lawsuit Alleges About the Gap
The gap demonstrates, plaintiffs contend, that positive statements about the company's business and prospects lacked a reasonable basis because the trading environment surrounding the stock had become irregular and undisclosed.
"Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. Here, the complaint contends that a $4.00 offering marketed on a 'Super mobility app' vision omitted the manipulation risk associated with a low-float foreign micro-cap listing." -- Joseph E. Levi, Esq.
Submit your information to learn more or call (212) 363-7500.
Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the RYDE Lawsuit
Q: When did Ryde Group Ltd allegedly mislead investors? A: The Class Period runs from March 6, 2024 to September 11, 2024. The complaint alleges that the Defendants failed to appropriately warn and caution investors as to the emerging warning signs leading up to the stock collapse.
Q: What court was the RYDE class action filed in? A: The case was filed in the United States District Court for the Southern District of New York, governed by the Private Securities Litigation Reform Act of 1995.
Q: Who are the defendants named in the RYDE lawsuit? A: The complaint names Ryde Group Ltd and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.
Q: What do RYDE investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What if I already sold my RYDE shares, can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.
Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.
Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500\
Fax: (212) 363-7171
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