Class Action Lawsuit Filed Against Ryde Group Ltd.
Pomerantz Law Firm has filed a class action lawsuit against Ryde Group Ltd. (NYSE: RYDE), alleging securities fraud and unlawful business practices related to an alleged 'pump-and-dump' stock promotion scheme on social media in 2024. The firm claims that Ryde's share price surged from $4.00 at its IPO to a peak of $22.49 without any fundamental justification, before collapsing by approximately 75% following the fraudulent activity. Investors who purchased or acquired Ryde securities during this period are being notified and have until November 9, 2026, to seek appointment as Lead Plaintiff in the case. The lawsuit is part of a broader investigation into how social media impersonators promoted Ryde using misleading claims that triggered an artificial buying frenzy among retail investors. Pomerantz LLP has extensive experience in securities litigation and seeks damages on behalf of affected shareholders.
Topics: class action lawsuit pump-and-dump scheme securities fraud stock manipulation