The lawsuit, Garlesky v. Via Transportation, Inc., filed in the Southern District of New York, claims the company’s IPO documents obscured significant operational weaknesses. Plaintiffs allege that at the time of the September 15, 2025, offering—which priced shares at $46.00—Via was acquiring customers at a rate that outpaced revenue generation, leading to a decline in platform metrics. Furthermore, the suit contends that undisclosed regulatory hurdles in Germany effectively crippled the company’s expansion strategy.

Financial disclosures throughout late 2025 and early 2026 triggered sharp sell-offs. Following the third-quarter 2025 report in November, shares fell nearly 13% after the company revealed a decline in annual run-rate revenue per customer. Subsequent reports in February and May 2026 confirmed persistent regulatory headwinds in Germany, culminating in a stock price decline that left shares trading at nearly 70% below their IPO value. Robbins Geller Rudman & Dowd LLP is representing the class, urging investors with significant losses to step forward as lead plaintiffs before the August deadline.