NEW YORK–(BUSINESS WIRE)–$GRAB–The law firm of Kirby McInerney LLP is investigating potential claims against Grab Holdings Limited (“Grab Holdings” or the “Company”) (NASDAQ: GRAB). The investigation concerns whether Grab Holdings has violated the federal securities laws and/or engaged in other unlawful business practices.
Grab Holdings operates a transportation and fintech platform in Southeast Asia.
In December 2021, Grab Holdings went public through a merger with a SPAC called Altimeter Growth Corp., emphasizing the Company’s dramatic growth in the food delivery, digital payments, ride-hailing and financial services areas through its “super app.” The Company highlighted its huge opportunity to grow further in the firm’s core businesses in Southeast Asia and other regions.
But on March 3, 2022, the sustainability of Grab Holdings’ growth came into question when Grab Holdings announced its first quarterly earnings report as a public company for Q4 2021 (ended December 31, 2021). The results were dismal. The Company reported a 44% decline in Q4 revenue from the prior year’s quarter, and a whopping FY 2021 loss of $3.6 billion. Management blamed the results on the Company having to increase spending to offer higher commissions to attract drivers and greater incentives to users and partners. On this news, Grab Holdings’ stock price declined by $1.95 per share, or approximately 37.3%, from $5.23 per share to close at $3.28 per share on March 3, 2022.
If you purchased or otherwise acquired Grab Holdings securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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