LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Grab Holdings Limited (“Grab” or the “Company”) (NASDAQ: GRAB, GRABW) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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In December 2021, Grab went public via business combination with Altimeter Growth Corp., a special purpose acquisition company. The Company claimed that its “mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We’re seeing all strong signs.”
Then, on March 3, 2022, Grab disclosed that its fourth quarter revenues had declined 44% from the previous quarter and reported a $1.1 billion loss for the quarter. Grab’s Chief Financial Officer attributed the poor financial results to “invest[ing] heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.”
On this news, Grab’s stock fell $2.04, or 37.3%, to close at $3.28 per share on March 3, 2022, thereby injuring investors.
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If you purchased Grab common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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