Ryde Group Ltd. NYSE: RYDE

A securities fraud class action lawsuit has been filed against Ryde Group Ltd. (“Ryde” or the “Company”) (NYSE: RYDE) on behalf of shareholders who purchased or otherwise acquired the Company’s securities between March 6, 2024 and September 11, 2024, inclusive (the “Class Period”). Ryde is a Singapore-based mobility company that operates a ride-hailing, carpooling, and on-demand delivery platform.

The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Ryde was the subject of a coordinated stock promotion scheme involving social media misinformation and individuals impersonating financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate coordinated selling during a period of artificial price inflation; (3) the Company’s public statements and risk disclosures omitted the false rumors and unusual trading activity driving its stock price; and (4) as a result, defendants’ positive statements about Ryde’s business, operations, and prospects lacked a reasonable basis.

Ryde priced its initial public offering at $4.00 per share on March 6, 2024, raising gross proceeds of $12 million. In the months that followed, and particularly during the summer of 2024, the stock price rose sharply with no corresponding corporate developments, reaching an intraday high of $22.49 on September 11, 2024 — a level that corresponded to a market capitalization of roughly $900 million. Two days earlier, on September 9, 2024, Hindenburg Research founder Nathan Anderson publicly stated that Ryde’s trading activity carried “all the hallmarks” of a pump-and-dump scheme. On September 11, 2024, amid public reports describing coordinated promotional activity in private chat rooms, including by individuals allegedly impersonating licensed financial advisors, Ryde’s stock fell approximately 75% from its intraday high to close at $5.50 per share.