A lawsuit was filed on behalf of investors in Grab Holdings Limited (NASDAQ: GRAB) shares over alleged securities laws violations.
San Diego, CA — (SBWIRE) — 04/15/2022 — An investor, who purchased shares of Grab Holdings Limited (NASDAQ: GRAB), filed a lawsuit over alleged violations of Federal Securities Laws by Grab Holdings Limited.
Investors who purchased shares of Grab Holdings Limited (NASDAQ: GRAB) have certain options and for certain investors are short and strict deadlines running. Deadline: May 16, 2022. NASDAQ: GRAB investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
On April 13, 2021, Grab Holdings Limited that it would go public in the U.S. through a merger with Altimeter Growth Corp., a special purpose acquisition company (“SPAC” or blank-check company). The transaction raised gross proceeds of $4.5 billion in the largest-ever U.S. public market debut by a Southeast Asian company. Grab Holdings Limited’s common stock began trading on the NASDAQ on December 2, 2021 under the ticker symbol GRAB.
At the time of the merger, Peter Oey, Grab’s Chief Financial Officer, stated that “[o]ur mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We’re seeing all strong signs.”
On March 3, 2022, Grab Holdings Limited announced that its revenues had declined 44% from the prior quarter. Grab Holdings Limited further disclosed that it suffered a loss of $3.6 billion in full year 2021, with a $1.1 billion loss in the fourth quarter alone, nearly double the loss Grab reported in the same quarter a year earlier. In contrast to the statements he made at the time of the merger, Peter Oey attributed the poor financial results to “invest[ing] heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.”
Shares of Grab Holdings Limited (NASDAQ: GRAB) declined from $14.93 per share in November 2021 to as low as $3.09 per share on March 3, 2022.
The plaintiff claims that between November 12, 2021 and March 3, 2022, the Defendants failed to disclose to investors that Grab’s driver supply declined during the third quarter, that, as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”, that, as a result, the Company’s financial results would be adversely impacted, including, among other things, a significant decline in revenue, and that, 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.
Those who purchased shares of Grab Holdings Limited (NASDAQ: GRAB) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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