Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a class action lawsuit against Ryde Group Ltd. (NYSE American: RYDE) 

NEW YORK, Sept. 10, 2026 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that it has filed a securities class action lawsuit in the United States District Court for the Southern District of New York, styled Shari Weiss v. Ryde Group Ltd.,et.al, Case 1:26-cv-7854, on behalf of persons and entities that purchased or otherwise acquired Ryde Group Ltd. (“RYDE” or the “Company”) (NYSE American: RYDE) securities between March 6, 2024, and September 11, 2024, inclusive (the “Class Period”).

Plaintiff pursues claims against RYDE, its executives Junming Terence Zou, Chen Fei Lang, Ting Yong Tan, Su Nee Joanne Khoo, Wai Hong Poon, Venkata Subramanian s/o Sreenivasan; along with its auditor, Kreit & Chiu CPA, LLP; underwriter, Maxim Group, LLC.; and agent, Puglisi & Associates, Inc., under the Securities Exchange Act of 1934.

Investors are hereby notified that pursuant to court order, investors have until November 9, 2026, to move the Court to serve as lead plaintiff in this action.

You may obtain a copy of the complaint and submit your contact information on our website. Or you may call our New York office directly: 1-212-545-4774.

Ryde Group Ltd. operates as a holding company. The Company, through its subsidiaries, develops and markets a technology-driven platform that offers on-demand and scheduled car-pooling, ride-hailing, and parcel delivery services. Ryde Group serves customers in Singapore. The Company completed its initial public offering on March 6, 2024, selling three million ordinary shares at an offering price of $4.00 per share, raising $12 million in gross proceeds (the “IPO”).

This case arises from the collapse of RYDE’s stock in September 2024, following a dramatic, yet illusory run-up orchestrated by a fraudulent stock promotion scheme propagated over social media.

In the weeks and months leading up to the collapse, RYDE’s share price surged from an initial IPO price of $4.00 to an all-time high of $22.49 despite no fundamental changes to the Company or news to justify the spike. Investigations and public reports have since revealed that RYDE utilized social media to orchestrate an illicit “pump-and-dump” promotion scheme to defraud investors. These reports detail how impersonators claiming to be legitimate financial advisors touted RYDE in online forums, chat groups, and through social media posts with sensational but baseless claims to create a buying frenzy among retail investors.

This sharp rise proved short-lived. On September 11, 2024, RYDE’s share price abruptly crashed approximately 75%, to $5.50. Since then, the Company’s share price has substantially declined, and now trades below $0.70 per share.

Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and the true nature of its securities trading activity throughout the Class Period. Specifically, Defendants failed to disclose to investors that: (1) RYDE was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) RYDE’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Why Wolf Haldenstein Adler Freeman & Herz LLP?

This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.

We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.

Contact:

• Phone: 1 (800) 575-0735 or 1 (212) 545-4774
• What’s App: 1 (929) 606-5406 (direct)
• Email: classmember@whafh.com
• Contact Person: Gregory Stone, Director of Case and Financial Analysis

Case Website: Wolf Haldenstein Adler Freeman & Herz LLP

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