Singapore-based Ryde accused of pump-and-dump fraud in class action lawsuit
Ryde Group, a Singapore-based ride-hailing firm listed on the NYSE, faces a shareholder petition and a class action lawsuit. The petition seeks a buyout or winding up, citing governance issues. The lawsuit accuses Ryde of a pump-and-dump scheme, alleging misleading statements to inflate share price. Ryde denies wrongdoing and plans to defend itself. Octava Fund, a major shareholder, alleges mismanagement and erosion of voting rights.
