According to the Complaint, Grab Holdings Limited offers a superapp that operates primarily across the deliveries, mobility, and digital financial services sectors in Southeast Asia.

On December 1, 2021, Grab became a public entity via a business combination with Altimeter Growth Corp., a special purpose acquisition company.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Grab’s driver supply declined during the third quarter; (2) that, as a result, Grab continued to invest heavily in driver and consumer incentives to “preemptively recalibrate driver supply”; (3) that, as a result, the Company’s financial results would be adversely impacted, including, among other things, a significant decline in revenue; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On June 6, 2022, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an amended Complaint on August 22. Defendants filed a Motion to Dismiss the amended Complaint on November 18.

On March 12, 2024, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

The parties entered into a Stipulation and Agreement of Settlement on December 30, 2024. On January 13, 2025, the Court granted preliminary approval of the Settlement.