Forensic research publicly warned on September 9, 2024 that Ryde Group Ltd carried “all the hallmarks” of a pump-and-dump; two days later a securities class action alleges RYDE purchasers watched the stock price sink.

NEW YORK, Sept. 16, 2026 /PRNewswire/ — Levi & Korsinsky, LLP alerts investors in Ryde Group Ltd (NYSE: RYDE) that a securities class action has been filed on behalf of shareholders who purchased securities between March 6, 2024 and September 11, 2024. Check if you might be eligible to recover your investment losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

RYDE touched $22.49 per share on September 11, 2024, valuing the Company at roughly $900 million, then allegedly crashed approximately 75% to $5.50. Shares have since traded near $0.50, a decline of more than 95% from its peak.

LEAD PLAINTIFF DEADLINE: November 9, 2026

The Research Warning Two Days Before the Collapse

On September 9, 2024, the founder of forensic research firm 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.”

Research Coverage Timeline

• March 6, 2024: The IPO prices 3,000,000 Class A ordinary shares at $4.00, generating $12,000,000 in gross proceeds, with published coverage describing RYDE as a leading Singapore mobility and quick commerce platform.
• Summer 2024: Shares climb more than 500% while, the complaint alleges, impersonators using the stolen identities of U.S. financial advisors circulated 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.

Why the Research Reassessment Matters for RYDE Holders

A disconnect allegedly arose between RYDE’s price action and its reported fundamentals before the collapse, yet the Company purportedly issued no cautionary statement telling shareholders that trading in its low-float shares did not reflect Company performance. The lawsuit contends that purchasers who bought on those inflated prices absorbed the loss when the promotion allegedly unwound.

“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,” said Joseph E. Levi, Esq. “Investors who bought during the Class Period may wish to review whether they have a claim.”

Learn more about the case or call (212) 363-7500.

Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com | Attorney Advertising. Prior results do not guarantee similar outcomes.

Frequently Asked Questions About the RYDE Lawsuit

Q: What specific misstatements does the RYDE lawsuit allege? A: The complaint alleges Ryde Group Ltd made materially false or misleading statements regarding its business and prospects while omitting that its stock was the subject of an alleged social media promotion scheme and that its offering structure carried substantial market manipulation risk during the Class Period.

Q: When did Ryde Group Ltd allegedly mislead investors? A: The Class Period runs from March 6, 2024 to September 11, 2024. The complaint alleges that the Defendants failed to appropriately warn and caution investors as to the emerging warning signs leading up to the stock collapse.

Q: What court was the RYDE class action filed in? A: The case was filed in the United States District Court for the Southern District of New York, governed by the Private Securities Litigation Reform Act of 1995.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

Q: What if I already sold my RYDE shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor’s country of residence.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

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