Ryde Group Ltd. faces a securities class action with Pomerantz LLP joining Levi & Korsinsky and Robbins LLP. Investors who purchased shares between March 6, 2024, and September 11, 2024, must act by November 9, 2026, to seek lead plaintiff status.

The complaint alleges violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. It claims the company engaged in a fraudulent stock promotion scheme that artificially inflated the share price before a sharp collapse. Those who sold at a loss during this period remain eligible to participate regardless of current holdings.

Named individual defendants

Six insiders are identified as individual defendants: Chief Executive Officer Junming Terence Zou, Chief Financial Officer Chen Fei Lang, and directors Ting Yong Tan, Su Nee Joanne Khoo, Venkata Subramanian s/o Sreenivasan, and Wai Hong Poon, who served until August 22, 2024. The February 12, 2024 registration statement was signed by Zou and Lang, and Zou certified the Company's 2023 annual report on Form 20-F, the securities action alleges.

Officer certifications under Sarbanes-Oxley Sections 302 and 906 place personal responsibility on the signing executives for the accuracy of what a company tells the market. The action also pleads Section 20(a) of the Exchange Act, which in practical terms means insiders who controlled the Company may be held jointly responsible for its alleged violations.

Alleged control person liability

The complaint alleges that each individual defendant possessed the power to control the contents of RYDE's SEC reports, press releases, and presentations to money managers and institutional investors. The officers who signed the offering documents allegedly attested to consolidated financial statements presented as conforming to U.S. GAAP, which the action claims they were not.

The chief executive allegedly certified the 2023 Form 20-F, which repeated the "Super mobility app" business description while omitting the alleged social media promotion campaign surrounding the stock. Directors allegedly received copies of the challenged reports and releases before or shortly after issuance and had the opportunity to prevent or correct them. No individual defendant issued a cautionary statement as outsized price swings and impersonator-run chat group promotion became publicly observable, as claimed. The action further names the Company's auditor, IPO underwriter, and process agent as gatekeepers who allegedly could have stopped the filings at issue.

Joseph E. Levi, Esq. stated: "Corporate officers have a duty to ensure their companies' public statements are accurate and complete. Here, the complaint alleges that the executives who signed and certified RYDE's filings never told shareholders that the stock's run from $4.00 to $22.49 bore no relationship to the business they described."

Allegations of market manipulation

According to the complaint, Ryde was the subject of a coordinated dumping campaign utilizing fraudulent financial professionals and social media misinformation. Impersonators claiming to be legitimate U.S. financial advisors touted Ryde in online forums, WhatsApp, and WeChat groups with sensational but baseless claims. These actors funneled retail buyers from Facebook advertisements into private groups with specific instructions on purchase prices, share counts, and hold times. Company insiders allegedly engaged in this scheme using offshore or nominee accounts to capitalize on the inflated share price. The plaintiffs argue that public statements were false and materially misleading throughout the class period, causing damages when the market learned the truth.

The complaint also alleges the listing carried structural features common to other foreign micro-cap offerings implicated in manipulation: an unusually small public float, concentrated insider control through offshore affiliates, and minimal public disclosure. Peer foreign micro-cap issuers identified in the action, including OST, JYD, and CLEU, listed with public floats often under 10%. Neither the registration statement, the prospectus, nor any later SEC filing mentioned the substantial manipulation risk the lawsuit asserts was inherent in that offering architecture. The complaint names the company's outside auditor and IPO underwriter as defendants alongside the officers and directors who signed the filings.

Notice to institutional holders

Levi & Korsinsky, LLP specifically notified pension funds, asset managers, and other fiduciaries that held Ryde shares during the Class Period. The firm highlights that funds acquiring RYDE Class A ordinary shares in or after the March 2024 offering held a security whose public float was structurally suited to manipulation. The complaint charges that neither the offering documents nor any later filing disclosed this market manipulation risk or that coordinated promotion in private chat groups was driving the share price rather than the Company’s mobility and quick commerce operations.

For fiduciaries, the loss profile is described as unusually concentrated. The alleged price inflation unwound swiftly in September 2024, leaving no practical opportunity for an orderly exit. Positions acquired during the Class Period at artificially inflated prices now carry a near total impairment. Joseph E. Levi, Esq., stated: "Institutional investors play a critical role in securities class actions... a fund with substantial documented losses can bring meaningful oversight to the litigation."

What management allegedly knew

Unqualified audit opinions covering fiscal 2021, 2022, and 2023 were incorporated into the company's offering materials and its Form 20-F, each certifying that the consolidated statements were fairly presented in all material respects and audited in accordance with PCAOB standards. As alleged, those financial statements were not prepared in conformity with U.S. GAAP or PCAOB requirements. Management meanwhile continued to promote its ambition of becoming a "Super mobility app" without cautioning that share price movement did not reflect company fundamentals. Risk language about driver incentives and competition appeared in the filings, but the lawsuit asserts that what was missing was any disclosure of the irregular trading and coordinated online promotion already visible before the September 2024 collapse.

As Joseph E. Levi, Esq. stated: "Investors deserve transparency about material risks that could affect their investments, including the risk that a company's own share structure makes it a target for manipulation. The complaint alleges that Ryde's offering documents and annual report never warned shareholders that the trading environment surrounding the stock had become highly irregular."

Brian J. Robbins, Founding Partner of Robbins LLP, added: "Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently."

Stock price collapse and regulatory context

Ryde priced its IPO at $4.00 per share in March 2024, raising $12,000,000 in gross proceeds before a 7.5% underwriting discount. The share price subsequently rose more than 500% in weeks, reaching an all-time high of $22.49 on September 11, 2024, resulting in a market capitalization of roughly $900 million on about 40 million shares despite no fundamental changes to the company. On September 11, 2024, the share price fell approximately 75%, dropping from $22.49 to $5.50, and has since declined to approximately $0.50, representing a drop of more than 95% from the peak.

The SEC announced a Cross-Border Task Force on September 5, 2025, expressly naming auditors and underwriters as "gatekeepers" in pump-and-dump and ramp-and-dump schemes. Nasdaq's revised listing standards, approved by the SEC on December 18, 2025, added a $15 million minimum public float requirement and a $25 million minimum offering proceeds threshold for China-based issuers. Separately, directors retain control despite a shareholder petition in the Cayman Islands, which the company states is not material.

Forensic research timeline

New disclosures highlight the role of external forensic research in exposing the alleged scheme prior to the collapse. On September 9, 2024, the founder of Hindenburg Research posted publicly that RYDE had "all the hallmarks" of a pump-and-dump fraud. Coverage indicated the stock had risen more than 500% in just a few weeks with no corresponding operating developments. Two days later, the same researcher wrote that RYDE shares "plummeted 80% in an hour, from $22 to about $4.60, after weeks of wash-trading and coordinated pumping in chat rooms."

The research coverage timeline aligns closely with the alleged manipulation:

• March 6, 2024: The IPO prices 3,000,000 Class A ordinary shares at $4.00, generating $12,000,000 in gross proceeds.
• Summer 2024: Shares climb more than 500% while impersonators using stolen identities of U.S. financial advisors circulate buy instructions in WhatsApp and WeChat groups.
• September 9, 2024: Forensic research flags "all the hallmarks" of a pump-and-dump, two days ahead of the collapse.
• September 11, 2024: Shares peak at $22.49 before crashing a reported 75%.
• After the crash: Research attributed the move to "weeks of wash-trading and coordinated pumping," and the stock has traded near $0.50.

Joseph E. Levi, Esq. noted: "Public research flagged this stock as a suspected manipulation target two days before it collapsed, which raises serious questions about what the Company itself knew and said about the trading in its shares."

What the numbers show

The disparity between financial performance and market valuation highlights the alleged disconnect. Reported revenue from mobility and quick commerce grew only from S$6,174,000 in 2021 to S$6,602,000 in 2022, a rise of S$428,000, which the action contrasts with the share price surge to a $900 million market cap. The offering documents allocated proceeds with specificity: approximately 15% for market expansion in Southeast Asia, 20% for technology research and development, and 20% for marketing. The complaint contends that risk language omitted the manipulation risk inherent in the offering structure.

Lead plaintiff appointment and investor eligibility

Investors who suffered losses are encouraged to contact Pomerantz, Levi & Korsinsky, Schall, Brown & Schwartz, or Robbins LLP regarding possible lead plaintiff appointments. A lead plaintiff is appointed by the court to represent the entire class, typically selected based on documented losses. Appointment is not required to partake in any recovery, and those who take no action can remain absent class members. The class has not yet been certified, and until certification occurs, investors are not represented by an attorney. Investors who purchased during the class period and sold at a loss remain eligible to participate regardless of current holdings. U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

Levi & Korsinsky, LLP notes that lead plaintiff service does not increase a fund’s individual recovery but provides direct control over how the case is prosecuted. ERISA and public pension fiduciaries frequently document their evaluation of securities claims, which are plan assets, whether or not they seek an appointment. Custodial and transaction records showing acquisition dates, share quantities, and prices paid are the starting point for any loss assessment. Matters of this type are generally handled on a contingency basis, with fees and expenses subject to court approval, so reviewing a position involves no upfront cost.

Robbins LLP represents investors on a contingency fee basis, meaning there is no cost to participate unless a recovery is secured. The firm notes it has helped restore more than $2 billion in value to shareholders in past litigation. Interested parties may contact attorney Aaron Dumas, Jr., at Robbins LLP for further information.

Ryde Group is advancing its Ryde 2.0 transformation plan by expanding its strategic focus into AI-enabled operations, new mobility applications, and next-generation payments.

This next phase aims to integrate existing capabilities across ride-hailing, electric vehicles, fleet services, autonomous mobility initiatives, and digital assets onto a common technology platform. The objective is to improve marketplace efficiency, vehicle utilization, driver productivity, rider experience, and capital efficiency while creating opportunities for new products, services, and recurring revenue streams.

Strategic objectives

The company intends to bring its disparate capabilities together to create a more integrated technology-enabled mobility ecosystem. By unifying these sectors, Ryde seeks to enhance operational metrics across its core business lines.

Implementation timeline

Over the next 12 months, Ryde plans to assess, prioritize, and test these new opportunities. The company will advance selected initiatives into pilots and consider broader deployment only where they demonstrate clear operational and commercial value.