Ryde Group Ltd Faces Class Action Securities Lawsuit
Investors have until November 9, 2026, to file for lead plaintiff status in a class action lawsuit alleging securities violations by Ryde Group Ltd.
A securities class action lawsuit has been filed against Ryde Group Ltd concerning stock purchases made between March 6, 2024, and September 11, 2024. Law firm Levi & Korsinsky has issued a reminder to shareholders regarding the November 9, 2026, deadline for the appointment of a lead plaintiff.
The litigation follows a period of extreme volatility in the company’s share price. In September 2024, forensic research firm Hindenburg Research alleged that Ryde Group exhibited signs of a "pump-and-dump" scheme. Shortly after the research report, the company's stock value dropped from a high of approximately $22 per share to under $1 per share.
The complaint alleges that the company failed to issue cautionary statements regarding the disconnect between its share price and its actual operational performance. Plaintiffs contend that investors were misled while the stock was subject to suspected coordinated manipulation and wash-trading.
The case is currently pending in the United States District Court for the Southern District of New York. Legal counsel is reviewing trading histories for potential claimants who acquired shares during the specified period.