Robbins LLP is Investigating Allegations that Ryde Group Ltd Experienced a Sudden Collapse in Stock Price Following a Dramatic Yet Illusory Run-Up Orchestrated by a Fraudulent Stock Promotion Scheme 

Robbins LLP informs investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Ryde Group Ltd (NYSE: RYDE) securities between Mach 6, 2024 and September 11, 2024, inclusive (the "Class Period"). RYDE’s claimed “vision is to become a 'Super mobility app' where multiple mobility tools can be accessed and function seamlessly out of a single app, offering ultimate convenience and reliability for our customers.”

Why Was RYDE Sued?

The complaint alleges that, during the Class Period, defendants failed to disclose to investors that: (1) RYDE was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) RYDE’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Why Did RYDE Stock Drop?

Plaintiff alleges that in the weeks and months leading up to the collapse, RYDE’s share price surged from an initial public offering (“IPO”) price of $4.00 to an all-time high of $22.49 despite no fundamental changes to the Company or news to justify the spike. Investigations and public

reports have since revealed that RYDE utilized social media to orchestrate an illicit “pump-and dump” promotion scheme to defraud investors. These reports detail how impersonators claiming

to be legitimate financial advisors touted RYDE in online forums, chat groups, and through social media posts with sensational but baseless claims to create a buying frenzy among retail investors.

However, on September 11, 2024, RYDE’s share price abruptly crashed approximately 75%, to $5.50. Since then, the Company’s share price has rapidly declined to approximately $0.50.

Who May Be Eligible to Participate in the RYDE Class Action?

The lawsuit seeks to represent investors who purchased or otherwise acquired Ryde Group Ltd common stock between Mach 6, 2024 and September 11, 2024.  Investors who suffered losses during that period may have legal rights under the federal securities laws. Submit a form for information.

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