NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Grab Holdings Limited f/k/a Altimeter Growth Corp. (NASDAQ: GRAB, GRABW) resulting from allegations that Grab Holdings may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Grab Holdings securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=3876 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: In December 2021, Grab Holdings went public through a merger with a special purpose acquisition company, a SPAC or blank check company, called Altimeter Growth Corp., emphasizing the Company’s 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.
Then 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 its fourth quarter 2021 (ended December 31, 2021). The Company reported a 44% decline in its fourth quarter revenue from the prior year’s fourth quarter, and a fiscal year 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 37%, to close at $3.28 per share on March 3, 2022.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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