Pomerantz LLP announces that a class action lawsuit has been filed against Ryde Group Ltd. (“Ryde” or the “Company”) (NYSE: RYDE). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Ryde and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until November 9, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Ryde securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
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A Complaint has been filed on behalf of investors in Ryde securities, arising out of the sudden collapse of Ryde’s stock in September 2024, following a run-up allegedly orchestrated by a fraudulent stock promotion scheme propagated over social media. In the weeks and months leading up to the collapse, Ryde’s share price surged from an initial public offering (“IPO”) price of $4.00 to an all-time high of $22.49 despite no fundamental changes to the Company or news to justify the spike. Investigations and public reports have since revealed that Ryde utilized social media to orchestrate an illicit “pump-and-dump” promotion scheme to defraud investors. These reports describe how impersonators claiming to be legitimate financial advisors touted Ryde in online forums, chat groups, and through social media posts with sensational but baseless claims to create a buying frenzy among retail investors. This sharp rise proved short-lived.
On September 11, 2024, Ryde’s share price abruptly plummeted approximately 75%, to $5.50. Since then, the Company’s share price has rapidly declined to approximately $0.50.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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