Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, March 09, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Grab Holdings Limited ("Grab Holdings Limited" or the "Company") (NASDAQ: GRAB, GRABW) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
In December 2021, Grab went public via business combination with Altimeter Growth Corp., a special purpose acquisition company. The Company claimed that its "mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We're seeing all strong signs."
Then, on March 3, 2022, Grab disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. Grab's 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, Grab's stock fell $2.04, or 37.3%, to close at $3.28 per share on March 3, 2022, thereby injuring investors.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising
