The litigation stems from a volatile period in 2024 when Ryde’s stock climbed from an IPO price of $4.00 to a peak of $22.49. Plaintiffs allege this surge lacked fundamental support and was instead fueled by an illicit pump-and-dump operation. According to the complaint, impersonators posing as financial advisors used online forums and social media to manufacture a buying frenzy through baseless claims.
This artificial momentum evaporated on September 11, 2024, when the stock price plunged approximately 75% to $5.50. Shares have since cratered further, trading near $0.50. Pomerantz LLP, the firm representing the class, is currently collecting inquiries from affected shareholders. Investors seeking to participate are instructed to provide their contact details and share purchase history to the firm's representative, Danielle Peyton, ahead of the November deadline.
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