Please complete this form relating to your transactions for Grab Holdings Limited (“Grab”) (NASDAQ: GRAB; GRABW) securities between August 2, 2021 and March 3, 2022, inclusive (the “Class Period”).
You may also contact James Maro, Esq. (484) 270-1453; or you may submit your information via email at firstname.lastname@example.org; or you may click here to print a PDF of this form.
Grab investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than May 16, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Grab Holdings Limited (“Grab”) (NASDAQ: GRAB; GRABW) securities between August 2, 2021 and March 3, 2022, inclusive (the “Class Period”).
Grab offers a superapp that operates primarily across the deliveries, mobility, and digital financial services sectors in Southeast Asia. On December 1, 2021, Grab became a public entity via a business combination with Altimeter Growth Corp., a special purpose acquisition company (the “Business Combination”).
On August 2, 2021, Grab announced its Q1 2021 results in a press release stating, in relevant part, “we are pleased with our progress toward becoming a publicly-traded company, which we expect to occur in Q4 2021,” and that “we continue to deliver strong growth, despite the ongoing impact of COVID-19.” Grab also indicated in the press release that the company “saw robust topline growth, even compared to the first quarter of 2020 that saw limited impact from COVID-19, and took strides towards profitability.”
During the Class Period, Grab touted that it had the region’s largest on-demand driver supply network, based on the total number of registered driver-partners in Southeast Asia in 2020, and its largest food delivery network, based on the number of registered food delivery merchant-partners in Southeast Asia in 2020.
The truth regarding Grab emerged on March 3, 2022, when Grab disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. During a conference call held in connection with the results, Anthony Tan, Grab’s Chief Executive Officer, attributed the poor financial results to “invest[ing] heavily” in driver incentives. During the conference call, Peter Oey, Grab’s Chief Financial Officer, stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.” He also stated that “for the first quarter, we expect to see deliveries GMV of $2.4 billion to $2.5 billion, mobility GMV of $760 million to $800 million, and financial services TPV of $3.1 billion to $3.2 billion.”
Following this news, Grab’s stock price fell $2.04, or 37.3%, to close at $3.28 per share on March 3, 2022.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Grab’s driver supply declined during the third quarter; (2) as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”; (3) as a result, Grab’s financial results would be adversely impacted, including, among other things, a significant decline in revenue; and (4) as a result of the foregoing, the defendants’ positive statements about Grab’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.