The lawsuit, filed in the Southern District of New York as Garlesky v. Via Transportation, Inc., accuses the company, its executives, and IPO underwriters of violating the Securities Act of 1933. According to the complaint, the IPO documents failed to disclose that Via Transportation was acquiring customers at a rate that outpaced revenue generation, leading to a decline in platform annual run-rate revenue per customer. Furthermore, the suit claims the company omitted critical information about regulatory challenges that hampered its expansion strategy in Germany.

Financial disclosures throughout late 2025 and early 2026 triggered significant stock declines. Following a report on November 13, 2025, that showed the first decline in per-customer revenue in eight quarters, shares dropped nearly 13%. Subsequent reports in February and May 2026 regarding continued German regulatory headwinds led to further stock losses, eventually closing at approximately 70% below the initial $46.00 offering price. Robbins Geller Rudman & Dowd LLP is representing the potential class, and investors with substantial losses are encouraged to contact the firm to participate in the litigation process.