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Ryde reports Cayman Islands petition and US securities class action

Ryde Group Ltd has provided an update on a shareholder petition in the Cayman Islands and a putative securities class action in New York.

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Ryde Group Ltd (NYSE American:RYDE) has updated shareholders on two legal matters: a shareholder petition before the Grand Court of the Cayman Islands and a putative securities class action in the United States District Court for the Southern District of New York.

#Cayman Islands shareholder petition

The Cayman Islands proceeding was brought by a shareholder and relates to certain corporate governance and share issuance issues. The requested relief principally involves an order for the purchase of the shareholder’s remaining shares at fair value. The petition also seeks the winding up of Ryde as an alternative.

The case is at an early stage, and the court has not made findings on the substantive allegations. Ryde said that no official or provisional liquidator has been appointed and that its directors remain in control.

According to the company, the proceeding has not disrupted its operations or its ability to conduct business in the ordinary course. Ryde also said it does not presently regard the Cayman Islands matter as material, while noting that it will reassess that position and provide further disclosure if circumstances materially change.

#US securities class action

Separately, a putative securities class action has been filed in the Southern District of New York on behalf of people who purchased Ryde securities between March 6, 2024 and September 11, 2024.

The deadline for seeking appointment as lead plaintiff is November 9, 2026. Ryde said it intends to retain litigation counsel and actively defend the case. The company’s update does not provide further details about the allegations, potential outcomes or any financial impact.

#Timing of the disclosure

Ryde said it issued the update voluntarily ahead of its extraordinary general meeting on September 29, 2026. The company said the purpose was to give shareholders current information about the two matters.

#Key Takeaways

  • A shareholder petition concerning corporate governance and share issuance is before the Grand Court of the Cayman Islands.
  • The petition seeks the purchase of the shareholder’s remaining shares at fair value, with winding up sought as an alternative.
  • The Cayman Islands case remains at an early stage, with no official or provisional liquidator appointed, according to Ryde.
  • A putative US securities class action covers purchases made between March 6, 2024 and September 11, 2024.
  • The lead plaintiff deadline is November 9, 2026, and Ryde says it plans to actively defend the action.

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