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03-10-2026, 10:38 AM
Plenty of CG red flags over here. In any markets, their micro caps with foreign ops generally don't do very well.
The allegation of Ryde Group using social media and forums to do a "pump and dump" is interesting..
Singapore-based Ryde accused of pump-and-dump fraud in class action lawsuit
[SINGAPORE] Singapore-based ride-hailing firm Ryde, which is listed on the New York Stock Exchange (NYSE), is facing two separate legal cases – one a shareholder petition and the other a class action lawsuit.
Octava Fund bought over the shares of its principal investor, Nomad X, and became majority shareholder in January 2020.
Then, there was a relationship of “mutual trust and confidence” between Zou and Octava Fund. But Octava contends that over time and through multiple incidents, it was excluded from management decisions and its voting power was eroded. For example, under a February 2025 memo, Ryde issued three million Class B shares to Zou. Class B shares have 10 times more voting rights than Class A shares and the move was carried out without approval from Octava. This tilted the voting rights in favour of Zou to 58.7 per cent, up from 42.7 per cent. Octava’s rights fell to 23 per cent from 39.8 per cent.
Octava also referenced another incident in September, which proposed that Zou be awarded up to 32 million Class B shares if the company hit certain revenue, fundraising and other targets. It noted that for increasing revenue for the first half of 2025 by US$1.1 million, Zou was awarded two million Class B shares, then worth around US$1 million. That meant for each dollar earned, more than US$0.94 was awarded to Zou and recorded as share compensation expense on the income statement, while Ryde’s bottom line improved by only US$0.06.
The class action lawsuit was filed by Shari Weiss, a retail investor who purchased around 19,000 Ryde shares from Sep 9 to 11, 2024, spending almost US$400,000 in the process. She has brought the action against the company and key leadership including Zou and then chief financial officer Lang Chen Fei.
The lawsuit alleges that Ryde participated in, facilitated, or enabled a pump-and-dump scheme to defraud investors. It states that the company used people claiming to be financial advisers on online channels, including social media and forums, to “create a buying frenzy among retail investors”. This boosted buying activity and share price, which reached an all-time high of US$22.49 during intraday trading on Sep 11, 2024, “despite no fundamental changes to the company or news to justify the spike”. It soon crashed 75 per cent to US$5.50.
https://www.businesstimes.com.sg/interna...on-lawsuit
The allegation of Ryde Group using social media and forums to do a "pump and dump" is interesting..
Singapore-based Ryde accused of pump-and-dump fraud in class action lawsuit
[SINGAPORE] Singapore-based ride-hailing firm Ryde, which is listed on the New York Stock Exchange (NYSE), is facing two separate legal cases – one a shareholder petition and the other a class action lawsuit.
Octava Fund bought over the shares of its principal investor, Nomad X, and became majority shareholder in January 2020.
Then, there was a relationship of “mutual trust and confidence” between Zou and Octava Fund. But Octava contends that over time and through multiple incidents, it was excluded from management decisions and its voting power was eroded. For example, under a February 2025 memo, Ryde issued three million Class B shares to Zou. Class B shares have 10 times more voting rights than Class A shares and the move was carried out without approval from Octava. This tilted the voting rights in favour of Zou to 58.7 per cent, up from 42.7 per cent. Octava’s rights fell to 23 per cent from 39.8 per cent.
Octava also referenced another incident in September, which proposed that Zou be awarded up to 32 million Class B shares if the company hit certain revenue, fundraising and other targets. It noted that for increasing revenue for the first half of 2025 by US$1.1 million, Zou was awarded two million Class B shares, then worth around US$1 million. That meant for each dollar earned, more than US$0.94 was awarded to Zou and recorded as share compensation expense on the income statement, while Ryde’s bottom line improved by only US$0.06.
The class action lawsuit was filed by Shari Weiss, a retail investor who purchased around 19,000 Ryde shares from Sep 9 to 11, 2024, spending almost US$400,000 in the process. She has brought the action against the company and key leadership including Zou and then chief financial officer Lang Chen Fei.
The lawsuit alleges that Ryde participated in, facilitated, or enabled a pump-and-dump scheme to defraud investors. It states that the company used people claiming to be financial advisers on online channels, including social media and forums, to “create a buying frenzy among retail investors”. This boosted buying activity and share price, which reached an all-time high of US$22.49 during intraday trading on Sep 11, 2024, “despite no fundamental changes to the company or news to justify the spike”. It soon crashed 75 per cent to US$5.50.
https://www.businesstimes.com.sg/interna...on-lawsuit
I am not a certified financial advisor and so nothing of what I say should be construed as financial advice. Please consult a certified financial advisor for advice instead.
