Cases & investigations

Cases & investigations

Grab Holdings Limited

Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Grab Holdings Limited (“Grab Holdings”) (NASDAQ: GRAB) on behalf of investors who purchased shares of the company’s securities between November 12, 2021 and March 3, 2022, inclusive (the “Class Period”).

In December 2021, Grab Holdings went public through a merger with Altimeter Growth Corp. (NASDAQ: AGC), a special purpose acquisition company.  In connection with that business combination, the Company emphasized to investors its dramatic growth in the food delivery, digital payments, ride-hailing, and financial services areas through its “SuperApp.”

On March 3, 2022, Grab Holdings shocked investors when it reported its first quarterly earnings report as a public company, which included a 44% decline in quarterly revenue from the prior year’s quarter, and a fiscal 2021 loss of $3.6 billion.  Following this news, shares of Grab Holdings’ stock fell $1.95 per share, or over 37% in value, to close at $3.28 per share on March 3, 2022. 

According to the complaint, throughout the Class Period Grab Holdings and certain of the company’s executive officers failed to disclose to investors: (i) that Grab Holdings’ driver supply declined during the third quarter; (ii) that, as a result, Grab Holdings continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”; and (iii) that, as a result of the foregoing, the company’s financial results would be adversely impacted, including, among other things, a significant decline in revenue.

Grab Holdings investors with financial losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this action and their legal rights and options. 

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