A securities class action has been filed against Ryde Group Ltd (RYDE) on behalf of persons and entities that purchased or otherwise acquired RYDE securities between March 6, 2024 through September 11, 2024. This case has been filed in the USDC – SDNY.
The complaint alleges Ryde made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and the true nature of its securities trading activity throughout the Class Period. Specifically, Ryde failed to disclose to investors that: (1) RYDE was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) RYDE’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, Ryde’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.