Pomerantz LLP is investigating claims on behalf of investors of Grab Holdings Limited ("Grab" or the "Company") (NASDAQ: GRAB). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Grab and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
In December 2021, Grab went public through a special-purpose acquisition company ("SPAC") merger, emphasizing the Company's dramatic growth in the food delivery, digital payments, ride-hailing and financial services areas through its "super app." The Company highlighted a purportedly significant opportunity for further growth in the firm's core businesses in Southeast Asia and other regions. Then, on March 3, 2022, Grab announced its first quarterly earnings report as a public company. Among other items, the Company reported a 44% revenue decline from the same period in the prior year, along with a loss of $3.6 billion for the year. Grab's management blamed the results on the Company's need to increase spending in order to offer higher commissions to attract drivers and greater incentives to users and partners.
On this news, Grab's stock price fell $1.95 per share, or 37.28%, to close at $3.28 per share on March 3, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119944
Published by: Newsfile Corp .