App-Based Ride-Sharing and Delivery Company Grab Holdings Limited Must Face Shareholder Suit

On March 12, 2024, Judge Jennifer L. Rochon denied the motion to dismiss in part in the In re Grab Holdings Limited securities class action, sustaining co-lead plaintiffs' §§ 11, 14(a), and 15 claims with respect to several alleged false and misleading statements in the proxy/registration statement through which Grab went public in a merger with SPAC Altimeter Growth Corp. The case alleges that the proxy/registration statement misled investors about Grab’s use of driver and consumer incentives, which unbeknownst to investors, negatively impacted the Company’s financial and business prospects.

Levi & Korsinsky, LLP is co-lead counsel representing co-lead plaintiff SLG Cloudbank Holdings, LLC and the class. A copy of the order can be viewed here.