Robbins Geller Rudman & Dowd LLP announces that the Grab class action lawsuit now seeks to represent purchasers of Grab Holdings Limited (NASDAQ: GRAB; GRABW) securities between August 2, 2021 and March 3, 2022, inclusive (the “Class Period”). The Grab class action lawsuit charges Grab and certain of its top executive officers with violations of the Securities Exchange Act of 1934. The first-filed complaint was filed on March 16, 2022 and is captioned Peccarino v. Grab Holdings Limited, No. 22-cv-02189 (S.D.N.Y.). A subsequently-filed complaint, captioned Fan v. Grab Holdings Limited, No. 22-cv-03277, is also pending in the Southern District of New York.
If you suffered significant losses and wish to serve as lead plaintiff of the Grab class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Grab class action lawsuit must be filed with the court no later than May 16, 2022.
CASE ALLEGATIONS: Grab offers a superapp that operates primarily across the deliveries, mobility, and digital financial services sectors in Southeast Asia. On December 1, 2021, Grab became a public entity via a business combination with Altimeter Growth Corp., a special purpose acquisition company (also known as a “SPAC” or blank-check company).
The Grab class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Grab’s driver supply declined during the third quarter; (ii) as a result, Grab continued to invest heavily in driver and consumer incentives to preemptively recalibrate driver supply; (iii) thus, Grab’s financial results would be adversely impacted, including, among other things, a significant decline in revenue; and (iv) consequently, defendants’ positive statements about Grab’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 3, 2022, Grab disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. Grab’s Chief Financial Officer, defendant 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.” On this news, Grab’s stock price fell by more than 37%, damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Grab securities during the Class Period to seek appointment as lead plaintiff in the Grab class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit http://www.rgrdlaw.com for more information.
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Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
