NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Grab Holdings Limited (“Grab Holdings” or the “Company”) (NASDAQ: GRAB, GRABW) securities between November 12, 2021 and March 3, 2022, inclusive (the “Class Period”). Investors have until May 16, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Grab Holdings offers a superapp that operates primarily across the deliveries, mobility, and digital financial services sectors in Southeast Asia.
On December 1, 2021, Grab Holdings became a public entity via a business combination with Altimeter Growth Corp., a special purpose acquisition company.
On March 3, 2022, Grab Holdings disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. Grab Holdings’ Chief Financial Officer attributed the poor financial results to “invest[ing] heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.” On this news, the Company’s stock price declined by $1.95 per share, or approximately 37.3%, from $5.23 per share to close at $3.28 per share on March 3, 2022.
The lawsuit alleges throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Grab Holdings’ driver supply declined during the third quarter; (2) that, as a result, Grab Holdings continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”; and (3) that, as a result, the Company’s financial results would be adversely impacted, including, among other things, a significant decline in revenue.
If you purchased or otherwise acquired Grab Holdings securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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