RYDE Shareholder Alert: Investors With Losses May Seek to Lead the Class Action in Ryde Group Ltd Securities Lawsuit - Contact Levi & Korsinsky

A securities class action names Maxim Group, LLC, the underwriter of Ryde Group Ltd's $4.00 March 2024 initial public offering, alleging the offering documents it brought to market omitted the manipulation risk that preceded a collapse in RYDE shares.

NEW YORK, Sept. 30, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Ryde Group Ltd (NYSE: RYDE) that a securities class action has been filed on behalf of purchasers of RYDE securities between March 6, 2024 and September 11, 2024, and that IPO underwriter Maxim Group, LLC is among the named defendants. Find out if you could qualify to recover your per-share losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

RYDE priced its offering at $4.00 per share and raised $12,000,000 in gross proceeds. Shares reached $22.49 on September 11, 2024, a valuation of roughly $900 million, then reportedly crashed approximately 75% to $5.50, and has "rapidly declined" since to around $0.50.

LEAD PLAINTIFF DEADLINE: November 9, 2026

Maxim Group's Role During the Class Period

The complaint identifies Maxim Group, LLC as the underwriter for the March 6, 2024 offering of 3,000,000 Class A ordinary shares and for an additional offering on September 27, 2024. Prospectus terms set Maxim's compensation at a discount equal to 7.5% of gross proceeds, roughly $900,000 on a $12,000,000 raise, plus 5% of aggregate gross proceeds from investors it referred into the deal.

Maxim Group's Alleged Role

• Underwrote the offering of 3,000,000 Class A ordinary shares priced at $4.00 per share on March 6, 2024
• Received a stated 7.5% discount on gross proceeds, plus 5% of aggregate gross proceeds raised from referred investors
• Published a news release on its own website the day of pricing describing RYDE as "a technology company with a leading platform for mobility and quick commerce in Singapore"
• As named in the action, had the ability and opportunity to prevent issuance of the February 12, 2024 registration statement and the March 7, 2024 prospectus, or to cause them to be corrected
• Neither offering document addressed the manipulation risk the action associates with low-float foreign micro-cap listings, where public floats are often under 10%
• Served again as underwriter for the September 27, 2024 offering, weeks after the collapse

Gatekeeper Liability Context for Maxim Group

The action pleads claims under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, and it points to the SEC's September 5, 2025 announcement of a cross-border task force that expressly identified "auditors and underwriters" as gatekeepers in pump-and-dump and ramp-and-dump schemes involving foreign-based issuers.

"Underwriters occupy a gatekeeping position in every public offering, and this complaint asks whether purchasers who paid $4.00 per share received disclosure of the manipulation risks the action associates with this listing structure. Those questions will be tested through the litigation process." -- Joseph E. Levi, Esq.

Submit your information here or call (212) 363-7500.

WHY LEVI & KORSINSKY — Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors. Investors who suffered losses have until November 9, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the RYDE Lawsuit

Q: What is the RYDE lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 9, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did RYDE stock drop? A: From an IPO price of $4.00, the complaint contends the stock achieved an all-time high of $22.49 before sharply crashing to $5.50 on September 11, 2024. The stock price has reportedly declined to approximately $0.50 in the time since the crash.

Q: Who are the defendants named in the RYDE lawsuit? A: The complaint names Ryde Group Ltd and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures, along with the Company's auditor, IPO underwriter Maxim Group, LLC, and its U.S. agent.

Q: What do RYDE investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

Q: What if I already sold my RYDE shares, can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:\

Levi & Korsinsky, LLP\

Joseph E. Levi, Esq.\

Ed Korsinsky, Esq.\

33 Whitehall Street, 27th Floor\

New York, NY 10004\

[email protected]\

Tel: (212) 363-7500\

Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP