The complaint, filed by the law firm Robbins LLP, claims Ryde Group utilized social media misinformation and impersonators posing as financial advisors to trigger a buying frenzy. While company leadership touted the firm as a "super mobility app," the suit alleges the price surge was entirely divorced from business fundamentals. Instead, defendants reportedly failed to disclose that insiders used offshore accounts to dump shares during the artificial inflation campaign.
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Investors Target Ryde Group Over Alleged Pump-and-Dump Scheme
A class action lawsuit filed against Ryde Group Ltd alleges the company orchestrated a fraudulent stock promotion scheme, leaving investors with significant losses after shares plummeted from a peak of $22.49 to approximately $0.50. The litigation seeks to recover damages for those who purchased stock between March and September 2024.
On September 11, 2024, the facade collapsed, with Ryde’s share price crashing roughly 75% in a single day. Investors who suffered losses during the period of March 6, 2024, to September 11, 2024, may be eligible to join the class action. The deadline for interested shareholders to apply as a lead plaintiff is November 9, 2026. Participation in the lawsuit requires no upfront costs, as the firm operates on a contingency fee basis.
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