INVESTOR LAWSUIT ALERT: Kaskela Law LLC Announces Shareholder Class Action Lawsuit Filed Against Grab Holdings Limited (GRAB) and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
PHILADELPHIA, March 16, 2022 (GLOBE NEWSWIRE) — Investor protection law firm Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Grab Holdings Limited (“Grab Holdings”) (NASDAQ: GRAB) on behalf of investors who purchased shares of the company’s securities between November 12, 2021 and March 3, 2022, inclusive (the “Class Period”).
In December 2021, Grab Holdings went public through a merger with Altimeter Growth Corp. (NASDAQ: AGC), a special purpose acquisition company. In connection with that business combination, the Company emphasized to investors its dramatic growth in the food delivery, digital payments, ride-hailing, and financial services areas through its “SuperApp.”
On March 3, 2022, Grab Holdings shocked investors when it reported its first quarterly earnings report as a public company, which included a 44% decline in quarterly revenue from the prior year’s quarter, and a fiscal 2021 loss of $3.6 billion. Following this news, shares of Grab Holdings’ stock fell $1.95 per share, or over 37% in value, to close at $3.28 per share on March 3, 2022.
According to the complaint, throughout the Class Period Grab Holdings and certain of the company’s executive officers failed to disclose to investors: (i) that Grab Holdings’ driver supply declined during the third quarter; (ii) that, as a result, Grab Holdings continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”; and (iii) that, as a result of the foregoing, the company’s financial results would be adversely impacted, including, among other things, a significant decline in revenue.
Grab Holdings investors with financial losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected]) or online at https://kaskelalaw.com/cases/grab-holdings-limited/, for additional information about this action and their legal rights and options.
Kaskela Law LLC exclusively represents investors in state and federal actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
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