Nasdaq-listed super-app Grab could face class action lawsuits, with several United States law firms calling for shareholders to contact them to investigate claims on their behalf.
The mounting of such investigations, which is fairly commonplace for listed firms in the US, comes after Grab's shares crashed last week, falling about 37 per cent on March 3 after it announced a fourth-quarter net loss of US$1.1 billion (S$1.5 billion).
Its results came amid a worse-than-expected drop in revenue, due to higher incentives being paid out to attract drivers and consumers.
Singapore-headquartered Grab's shares last closed at US$3.36 on Monday (March 7), a far cry from the US$13.06 it reached on the day of its listing last December.
At least eight law firms have announced their intention to investigate Grab for matters such as false and misleading statements, possible fraud and other violations of US federal securities laws.
More at https://shrtcô.de/4rWg3p
The mounting of such investigations, which is fairly commonplace for listed firms in the US, comes after Grab's shares crashed last week, falling about 37 per cent on March 3 after it announced a fourth-quarter net loss of US$1.1 billion (S$1.5 billion).
Its results came amid a worse-than-expected drop in revenue, due to higher incentives being paid out to attract drivers and consumers.
Singapore-headquartered Grab's shares last closed at US$3.36 on Monday (March 7), a far cry from the US$13.06 it reached on the day of its listing last December.
At least eight law firms have announced their intention to investigate Grab for matters such as false and misleading statements, possible fraud and other violations of US federal securities laws.
More at https://shrtcô.de/4rWg3p
