Hagens Berman, National Prosecutors, Warns Grab Holdings Limited (GRAB) Investors of Extended Recourse Period, Encourages Investors Who Have Suffered Losses Over $500,000 to Contact Firm Lawyers
SAN FRANCISCO, April 28, 2022 /PRNewswire/ — Hagens Berman urges investors in Grab Holdings Limited (NASDAQ: GRAB) who have suffered significant losses to submit your losses now.
Extended class period: August 2, 2021 – March 3, 2022
Lead Applicant Deadline: May 16, 2022
To visit: www.hbsslaw.com/investor-fraud/GRAB
Contact a lawyer now: [email protected]
844-916-0895
Grab Holdings Limited (NASDAQ: GRAB) Securities Fraud Class Action:
The dispute centers on Grab’s statements regarding the sustainability of its growth and business prospects before and after Grab’s IPO through a SPAC merger in Dec. 2021.
Specifically, Grab touted it “has the largest on-demand driver supply network,” pointing to the company’s dramatic growth in food delivery, digital payments, ridesharing and financial services through its “super app”, and highlighted its huge opportunity to further expand into the company’s core businesses by South East Asia and other regions.
The Complaint alleges that the Defendants made materially false and misleading statements and/or failed to disclose that: (1) Grab’s driver supply declined during the third quarter; (2) as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate the driver supply”; and, (3) 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, about March 3, 2022when Grab announced dismal financial results for the fourth quarter of 2021, including a 44% decline in fourth quarter revenue from the prior year quarter and a huge quarterly loss of $1.1 billion. 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.
“We are focused on investor losses and proving that Grab has embellished its growth outlook and not disclosed known trends,” said Reed KathreinHagens Berman’s associate 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 contact Reed Kathrein to 844-916-0895 or email [email protected].
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.
Contact:
Reed Kathrein844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
