8-DAY DEADLINE ALERT: National Attorneys Hagens Berman Encourages Grab Holdings Limited (GRAB) Investors With Significant Losses To Contact Firm Lawyers As May 16 Deadline Approaches In Securities Class Action
San Francisco, Calif.–(Newsfile Corp. – May 8, 2022) – Hagens Berman urges Grab Holdings Limited GRAB investors who suffered significant losses submit your losses now. A class action lawsuit for securities fraud has been filed and investors who have suffered significant losses have the opportunity to pursue the case.
Grab Holdings Limited GRAB Securities Fraud Class Action:
The dispute centers on Grab’s statements regarding the sustainability of its growth and business prospects.
Specifically, in December 2021, Grab went public through a SPAC merger, touting that Grab “has the largest on-demand driver supply network” and highlighting the company’s dramatic growth in delivery. food, digital payments, carpooling and financial services areas through its “super app”. The company highlighted its huge opportunity to expand further into the company’s core businesses in Southeast Asia and other regions.
According to the Complaint, the Defendants made materially false and misleading statements and/or failed to disclose: (1) that Grab’s driver supply declined during the third quarter; (2) that, as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate the driver supply”; and, (3) that, as a result, the Company’s financial results would be adversely affected, including, among other things, a significant decline in revenues.
Investors learned the truth, according to the complaint, on March 3, 2022, when Grab announced its first quarterly earnings report as a public company. The results were dismal. The company reported a 44% decline in revenue in the fourth quarter from the year-ago quarter and a whopping $1.1 billion loss for the period. Management blamed the results on the company needing to increase spending to offer higher commissions to attract drivers and greater incentives to users and partners.
This news caused the price of Grab shares to fall sharply.
“We focus on investor losses and provide evidence that Grab has embellished its growth outlook and not disclosed known trends,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you have invested in Grab and have significant losses, or have knowledge that can help the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: People with nonpublic information about Grab should consider their options to help with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]
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About Hagens Berman
Hagens Berman is a global complex plaintiffs’ rights litigation law firm, focusing on corporate liability through class action law. The firm is home to a strong securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases that achieve real results for those harmed by negligence and fraud. of business. To learn more about the company and its successes, visit hbsslaw.com. Follow the company for updates and news on @ClassActionLaw.
Reed Kathrein, 844-916-0895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123152