Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 13, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Grab Holdings Limited (“Grab” or the “Company”) (NASDAQ: GRAB; GRABW) investors that a class action filed on behalf of investors that purchased Grab Holdings shares and lost money are encouraged to contact the firm to discuss their legal rights.
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.
Grab offers a superapp that operates primarily across the deliveries, mobility, and digital financial services sectors in Southeast Asia.
On December 1, 2021, Grab became a public entity via a business combination with Altimeter Growth Corp., a special purpose acquisition company.
Between late 2019 and early 2020, a novel strain of the coronavirus disease, commonly referred to as COVID-19, became an ongoing global pandemic, with the outbreak first identified in Wuhan, China, in December 2019. The virus quickly spread to other countries, including the U.S., prompting state, federal, and private parties to enact various health and safety measures to halt the spread of the disease, which has since claimed millions of lives.
The complaint alleges that 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 had overstated its post-business combination business and financial prospects; (2) that, notwithstanding the ongoing COVID-19 pandemic, Grab’s financial projections failed to take into account the pandemic’s broad consequences, which included increased driver supply demand; (3) that Grab’s driver supply declined during the third quarter; (4) that, as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”; (5) that, as a result, the Company’s financial results would be adversely impacted, including, among other things, a significant decline in revenue; and (6) that, 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.
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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
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