Singapore ride-hailing firm Ryde faces US fraud lawsuit and Cayman Islands shareholder petition

Singapore-based ride-hailing firm Ryde Group is facing two legal challenges. A class action lawsuit filed in the US on September 10, 2024, accuses the company of orchestrating a pump-and-dump scheme that led to an 80% stock price collapse. Separately, shareholder Octava Fund filed a petition in the Cayman Islands in July 2024, seeking to wind up the company or buy out its shares, alleging governance breaches and dilution of voting rights. Ryde denies wrongdoing and says the proceedings are at an early stage. The company's stock has fallen sharply, and it reported a net loss of $18.7 million for FY2024.