Grab could face class action suits in USA!!

[Bigbird]

 

Grab could face class action suits in US following recent share price dive

Grab's CEO Anthony Tan (left) and co-founder Tan Hooi Ling (right) with Nasdaq APAC chairman Robert McCooey at the Nasdaq bell-ringing ceremony on Dec 2, 2021. PHOTO: REUTER

Choo Yun Ting

Business Correspondent

 

PUBLISHED

 

8 MAR 2022, 12:30 PM SGT

 

https://www.straitstimes.com/business/companies-markets/grab-could-face-class-action-suits-in-us-following-recent-share-price-dive

 

 

SINGAPORE - Nasdaq-listed super-app Grab could face class action lawsuits, with several United States law firms calling for shareholders to contact them to investigate claims on their behalf.

The mounting of such investigations, which is fairly commonplace for listed firms in the US, comes after Grab's shares crashed last week, falling about 37 per cent on March 3 after it announced a fourth-quarter net loss of US$1.1 billion (S$1.5 billion).

Its results came amid a worse-than-expected drop in revenue, due to higher incentives being paid out to attract drivers and consumers.

Singapore-headquartered Grab's shares last closed at US$3.36 on Monday (March 7), a far cry from the US$13.06 it reached on the day of its listing last December.

At least eight law firms have announced their intention to investigate Grab for matters such as false and misleading statements, possible fraud and other violations of US federal securities laws.

Grab declined to comment when contacted by The Straits Times.

 

 

Edited March 9, 2022 by Bigbird

[Bigbird]

Grab faces possible investigation in US over 'misleading statements'

DEEPA CHEVI 

 

09 MARCH 2022 

Singapore headquartered super-app Grab is facing possible investigation by several US law firms on whether the company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. According to a report on ST, at least eight law firms have announced their intention to investigate Grab and such investigations are not uncommon in the US and 35 such claims have been filed this year. 

In fact, most recently, Sea Group also came under investigations around “whether Sea and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices”, said Pomerantz, one of the firms looking into the matter. This was following India banning 54 apps, said the report on Bloomberg. On the back of this news, Sea's stock price fell $29.11 per share, or 18.39%.

Meanwhile, in the case of Grab, according to a statement put out by the law firms, Grab reported its fourth quarter and full year 2021 financial results where the company reported a fourth quarter loss of US$1.1 billion, and a full year loss of US$3.6 billion.  This was shortly after Grab announced its plans to go public in the US through a merger with Altimeter Growth Corp, a special purpose acquisition company (SPAC) on 13 April 2021. The transaction raised gross proceeds of US$4.5 billion is one of “the largest-ever U.S. public market debut by a Southeast Asian company”, said Robbins Geller Rudman & Dowd LLP. Grab’s common stock began trading on the NASDAQ on 2 December 2021.

https://www.marketing-interactive.com/grab-lawsuit-us-statement

[chamfer]

Aiyo.... why people cannot see this type of business model cannot invest in la....

 

I no study business course also avoid with a 3m pole.

[socrates469bc]

22 minutes ago, chamfer said:

Aiyo.... why people cannot see this type of business model cannot invest in la....

 

I no study business course also avoid with a 3m pole.

 

dont worry, no lack of kgks buying into the packaging one.

 

if there is one thing limpeh learnt from working in investment banks, that is as long as limpeh the banker can package a share nice nice with a dazzling growth story along with savvy manipulation, sure can easy easy double the price de.

 

wahahahahahahaha

[Bigbird]

Next to follow this route is Carousel! 

 

@socrates469bc

 

What say u?

[socrates469bc]

2 hours ago, Bigbird said:

Next to follow this route is Carousel! 

 

@socrates469bc

 

What say u?

 

carousel wont be able to survive in the next 5yrs due to economics of scale.

 

wahahahahahahahaha

[Bigbird]

20 hours ago, socrates469bc said:

 

carousel wont be able to survive in the next 5yrs due to economics of scale.

 

wahahahahahahahaha

 

Its hard for carousel to make a lot of money.   

 

There coins thingy fall.

 

I am seeing how will it scale up revenue.