Ryde Group Investors Face November Deadline in Securities Class Action

The legal action, brought by the firm Levi & Korsinsky, follows a volatile period for the Singapore-based mobility platform. After the company’s IPO in March 2024, shares climbed more than 500% despite what forensic research firm Hindenburg Research later described as a lack of operating developments. The lawsuit contends that Ryde Group failed to warn shareholders that its stock was the subject of an aggressive, coordinated pump-and-dump scheme involving wash-trading and fraudulent social media promotions.

On September 11, 2024, the stock reached a peak of $22.49 before crashing approximately 75% within a single hour. Shares have since languished near $0.50. Attorney Joseph E. Levi noted that the public warnings issued days before the collapse raise significant questions regarding the company’s internal knowledge of the trading activity. The complaint alleges that Ryde Group omitted critical information about the risks associated with its low-float share structure, leaving investors to absorb heavy losses when the promotion scheme unwound. The case is currently filed in the United States District Court for the Southern District of New York.