Ryde Group Ltd Investors Reminded of Class Action Lawsuit Deadline

Law firm SueWallSt has notified investors in Ryde Group Ltd (NYSE: RYDE) of a class action lawsuit filed on behalf of shareholders who purchased securities between March 6, 2024, and September 11, 2024. The firm is reminding investors that applications to serve as lead plaintiff must be filed by November 9, 2026.

RYDE shares experienced a significant drop, falling approximately 75% in a single day on September 11, 2024. The lawsuit alleges that the company's stock was the subject of a fraudulent promotion scheme coordinated across social media platforms like WhatsApp, WeChat, and Facebook. Retail investors were allegedly directed into private chat groups through social media advertisements.

According to the complaint, participants in these groups were instructed on specific share purchases and holding periods, with promises of substantial gains. The lawsuit contends these representations were disconnected from Ryde Group's actual operations or financial condition. SueWallSt alleges that buying pressure was manufactured through coordinated chat-group messaging, driving the stock price up over 500% from levels seen just weeks prior.

The complaint further alleges that insiders or affiliates used offshore or nominee accounts to sell shares during the price inflation campaign. It claims that public filings and risk disclosures omitted any mention of the alleged false rumors and artificial trading activity. The lawsuit suggests that RYDE's stock listing shared structural characteristics with other offshore micro-cap offerings previously tied to manipulation, citing unusually small public floats and concentrated insider control.

SueWallSt is working with Levi & Korsinsky LLP, a nationally recognized securities litigation firm that has a track record of recovering significant sums for aggrieved shareholders. Investors who purchased RYDE securities during the specified period and suffered losses may be eligible to participate.