A securities class action traces Ryde Group Ltd from its $4.00 March 2024 IPO to the September 11, 2024 session which saw the stock price collapse, allegedly after months of coordinated social media promotion.
NEW YORK, Sept. 22, 2026 (GLOBE NEWSWIRE) — SueWallSt notifies investors in Ryde Group Ltd (NYSE: RYDE) that a class action has been filed on behalf of shareholders who purchased securities between March 6, 2024 and September 11, 2024. See if you could be eligible to recover. You may also contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.
RYDE touched $22.49 on September 11, 2024 and closed that same session at $5.50, a one-day decline of approximately 75%, or $16.99 per share. Shares have since traded near $0.50, a cumulative loss of more than 95%, measured from the Class Period high. Investors have until November 9, 2026 to seek lead plaintiff status.
March 6, 2024: The $4.00 Offering That Opens the Class Period
The Company priced 3,000,000 Class A ordinary shares at $4.00 per share for gross proceeds of $12,000,000. The filing states that neither the offering documents nor any later SEC filing disclosed the market manipulation risk allegedly built into a listing with a very small public float and concentrated insider control.
September 9, 2024: A Public Warning Arrives Two Days Early
Hindenburg Research founder Nathan Anderson publicly stated that RYDE carried “all the hallmarks” of a pump-and-dump. As set forth in the complaint, unusual trading activity and outsized price swings were already observable, yet no cautionary statement was issued advising shareholders that the stock’s movement did not track Company fundamentals.
September 11, 2024: Eighty Percent Gone in an Hour
Shares fell from roughly $22 to about $4.60 within an hour of trading. Public reporting that day described weeks of wash trading and coordinated promotion in private chat rooms, including groups run by impersonators using the stolen identities of U.S. financial advisors.
Timeline of Alleged Disclosure Failures
- February 12, 2024: Registration Statement filed, incorporating audited financials and an unqualified audit opinion.
- March 6, 2024: IPO priced at $4.00 per share; $12,000,000 raised.
- April 29, 2024: Form 20-F annual report reiterates the “Super mobility app” business description.
- Summer 2024: Shares climb more than 500% from earlier trading levels, allegedly without corresponding corporate developments.
- September 9 to 11, 2024: Public warnings, then a crash to $5.50, with market capitalization of approximately $900 million largely erased.
“The sequence here matters: a $4.00 offering in March, a run to $22.49 by September, and a 75% single-session collapse, with no cautionary statement issued as the trading pattern became irregular,” said Joseph E. Levi, Esq. “Timely disclosure of material developments is fundamental to fair and efficient markets, and the complaint alleges that duty was not met here.”
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Frequently Asked Questions About the RYDE Lawsuit
Q: What specific misstatements does the RYDE lawsuit allege? A: The complaint alleges Ryde Group Ltd made materially false or misleading statements regarding its business and prospects while omitting that its stock was allegedly the vehicle for a social media pump-and-dump scheme and that its offering structure carried substantial market manipulation risk. When the wash trading and coordinated chat room promotion were reported, the stock price declined sharply.
Q: When did Ryde Group Ltd allegedly mislead investors? A: The Class Period runs from March 6, 2024 to September 11, 2024. The complaint alleges that the Defendants failed to appropriately warn and caution investors as to the emerging warning signs leading up to the stock collapse.
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 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 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 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 if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor’s country of residence.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (888) SueWallSt
Fax: (212) 363-7171
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