The lawsuit, brought by Levi & Korsinsky, LLP, covers investors who purchased Ryde Group securities between March 6, 2024, and September 11, 2024. While the company marketed itself as a "Super mobility app" with specific plans for Southeast Asian expansion and technology development, the complaint suggests this vision masked a highly irregular trading environment. Plaintiffs contend that the stock's surge to a $22.49 peak was not driven by organic business growth—which showed only modest year-over-year revenue increases—but by a coordinated social media campaign using stolen identities to manipulate retail buyers.

By mid-September 2024, the stock experienced a dramatic reversal, falling roughly 75% in a single session before eventually trading near $0.50. The legal action claims that Ryde Group and its senior executives failed to warn investors of the manipulation risks inherent in the offering structure, despite having an obligation to disclose known threats to their performance projections. Investors who incurred losses during this period have until November 9, 2026, to apply for lead plaintiff status in the ongoing proceedings.