RADNOR, Pa., May 14, 2022 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Grab Holdings Limited (“Grab”) GRAB GRABW))). The action charges Grab with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Grab’s materially misleading statements to the public, Grab’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR GRAB LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/grab-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=grab
CANNOT VIEW THIS VIDEO? PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: MAY 16, 2022
CLASS PERIOD: AUGUST 2, 2021 THROUGH MARCH 3, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. at (484) 270-1453 or via email at firstname.lastname@example.org
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
GRAB’S ALLEGED MISCONDUCT
Grab develops delivery management, mobility, financial services, and enterprise software solutions. In particular, Grab operates a “super app” that functions as Southeast Asia’s largest ride-hailing and delivery service, similar to Uber.
On August 2, 2021, Grab announced its Q1 2021 results in a press release stating, in relevant part, “we are pleased with our progress toward becoming a publicly-traded company, which we expect to occur in Q4 2021,” and that “we continue to deliver strong growth, despite the ongoing impact of COVID-19.” Grab also indicated in the press release that the company “saw robust topline growth, even compared to the first quarter of 2020 that saw limited impact from COVID-19, and took strides towards profitability.”
During the Class Period, Grab touted that it had the region’s largest on-demand driver supply network, based on the total number of registered driver-partners in Southeast Asia in 2020, and its largest food delivery network, based on the number of registered food delivery merchant-partners in Southeast Asia in 2020.
Then, 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. During a conference call held in connection with the results, Anthony Tan, Grab’s Chief Executive Officer, attributed the poor financial results to “invest[ing] heavily” in driver incentives. During the conference call, Peter Oey, Grab’s Chief Financial Officer, stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.” Following this news, Grab’s stock price fell $1.95, or 37.3%, to close at $3.28 per share on March 3, 2022.
WHAT CAN I DO?
Grab investors may, no later than May 16, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Grab investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dfe62a8a-a42b-45d8-aa58-a1d8e7874360