Class Action Sued Ryde Group Over Fraudulent Stock Promotion
News related to:Ryde Group Ltd · 2 min read
SAN DIEGO, Sept. 11, 2026 /CourierPR/ -- Ryde Group Ltd, a company aiming to revolutionize mobility through a single app, is currently facing legal challenges following a significant drop in its stock price. According to a class action lawsuit filed by Robbins LLP, a shareholder rights law firm, the company’s stock experienced a dramatic rise followed by an abrupt collapse, raising questions about potential fraudulent activities.
The lawsuit, which was filed on behalf of investors who purchased or acquired Ryde Group Ltd (NYSE: RYDE) securities between March 6, 2024, and September 11, 2024, alleges that the company was the subject of a fraudulent stock promotion scheme. During this period, Ryde's stock 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 any news to justify the spike. The complaint suggests that this price run-up was orchestrated through social media-based misinformation and impersonated financial professionals.
According to the lawsuit, insiders and/or affiliates used offshore or nominee accounts to facilitate a coordinated dumping of shares during a price inflation campaign. The complaint further states that Ryde's public statements and risk disclosures failed to mention the false rumors and artificial trading activity that drove the stock price. As a result, the company's positive statements about its business, operations, and prospects were described as materially misleading and lacking a reasonable basis.
The sudden collapse in Ryde's stock price occurred on September 11, 2024, when the share price abruptly dropped approximately 75%, to $5.50. Since then, the company's stock has continued to decline, reaching a low of approximately $0.50. Investors who suffered significant losses during the class period may be eligible to participate in the lawsuit and should contact Robbins LLP for more information.
The complaint highlights the importance of transparency and accurate information in the stock market. Robbins, Founding Partner of Robbins LLP.
Investors seeking additional information about the Ryde Group Ltd securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.