Pomerantz Law Firm Announces Class Action Lawsuit Against Ryde Group Ltd. Over Alleged Pump-and-Dump Scheme
Pomerantz LLP has filed a class action lawsuit against Ryde Group Ltd. (NYSE: RYDE) following a massive collapse in its stock price. The litigation alleges that the company and its officers may have engaged in securities fraud through an illicit 'pump-and-dump' scheme orchestrated via social media. According to the complaint, fraudulent promoters impersonating financial advisors used baseless claims to drive the share price from an IPO of $4.00 to a peak of $22.49. The stock experienced a sudden 75% crash on September 11, 2024, and has since plummeted to approximately $0.50. Investors who purchased Ryde securities during the class period have until November 9, 2026, to move for appointment as lead plaintiffs in the legal action.
Topics: class action lawsuit pump and dump scheme securities fraud stock price collapse