RYDE Shareholder Alert: Ryde Group Ltd Securities Class Action Lawsuit – Investors With Losses May Contact Levi & Korsinsky
A securities class action names Ryde Group Ltd’s chief executive, chief financial officer, and four directors as control persons, alleging they omitted the manipulation risk built into RYDE’s low-float NYSE listing before the share price collapsed on September 11, 2024.
NEW YORK–(BUSINESS WIRE)–
Levi & Korsinsky, LLP encourages investors who suffered losses in Ryde Group Ltd (NYSE: RYDE) to contact the firm. Those who purchased RYDE securities between March 6, 2024 and September 11, 2024 may be entitled to recover damages. Find out if you may be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
RYDE peaked at $22.49 before allegedly crashing to $5.50 per share. Shares have since traded near $0.50, roughly $21.99 below the peak price. The window to apply for lead plaintiff closes on November 9, 2026.
The Named Individual Defendants
Six insiders are identified as individual defendants: Chief Executive Officer Junming Terence Zou, Chief Financial Officer Chen Fei Lang, and directors Ting Yong Tan, Su Nee Joanne Khoo, Venkata Subramanian s/o Sreenivasan, and Wai Hong Poon, who served until August 22, 2024. The February 12, 2024 registration statement was signed by Zou and Lang, and Zou certified the Company’s 2023 annual report on Form 20-F, the securities action alleges.
Sarbanes-Oxley Certification Obligations
Officer certifications under Sarbanes-Oxley Sections 302 and 906 place personal responsibility on the signing executives for the accuracy of what a company tells the market. The action also pleads Section 20(a) of the Exchange Act, which in practical terms means insiders who controlled the Company may be held jointly responsible for its alleged violations.
Alleged Control Person Liability
- Each individual defendant allegedly possessed the power to control the contents of RYDE’s SEC reports, press releases, and presentations to money managers and institutional investors.
- The officers who signed the offering documents allegedly attested to consolidated financial statements presented as conforming to U.S. GAAP, which the action claims they were not.
- The chief executive allegedly certified the 2023 Form 20-F, which repeated the “Super mobility app” business description while omitting the alleged social media promotion campaign surrounding the stock.
- Directors allegedly received copies of the challenged reports and releases before or shortly after issuance and had the opportunity to prevent or correct them.
- No individual defendant issued a cautionary statement as outsized price swings and impersonator-run chat group promotion became publicly observable, as claimed.
- The action further names the Company’s auditor, IPO underwriter, and process agent as gatekeepers who allegedly could have stopped the filings at issue.
“Corporate officers have a duty to ensure their companies’ public statements are accurate and complete. Here, the complaint alleges that the executives who signed and certified RYDE’s filings never told shareholders that the stock’s run from $4.00 to $22.49 bore no relationship to the business they described.” — Joseph E. Levi, Esq.
Submit your information to learn more or call (212) 363-7500.
Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the RYDE Lawsuit
Q: Who are the defendants named in the RYDE lawsuit? A: The complaint names Ryde Group Ltd and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.
Q: What court was the RYDE class action filed in? A: The case was filed in the United States District Court for the Southern District of New York, governed by the Private Securities Litigation Reform Act of 1995.
Q: What is the RYDE class action lawsuit about? A: A securities class action has been filed against Ryde Group Ltd (NYSE: RYDE) alleging materially false and misleading statements between March 6, 2024 and September 11, 2024. Shares fell 75% from their peak in a single trading session. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What do RYDE investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.
Q: What if I already sold my RYDE shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.
Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.
Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.
Attorney Advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260918860372/en/
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
KEYWORDS: New York United States North America
INDUSTRY KEYWORDS: Class Action Lawsuit Professional Services Legal
MEDIA:
| Logo |
 |