A New York Class Action Alleges Ryde Shares Were Pumped by Online 'Advisers'
A New York Class Action Alleges Ryde Shares Were Pumped by Online 'Advisers'
Mon 5 Oct 2026 | Podcast
The Numbers
A class action in New York federal court alleges that people posing as financial advisers online inflated the share price of Singapore-based Ryde, and that the shares then fell about 75% in after-hours trading on 11 September 2024. No court has ruled, and Ryde says it intends to defend the case. The plaintiff allegedly bought about 19,000 shares at roughly US$21 each, close to a US$22 peak, before the fall. By 1 October 2026 the shares closed at US$0.68, about 97% below that high. Today's podcast turns the complaint's pattern into three checks for any sudden price jump.
My Personal Take
This week I have been taking numbers apart: OCBC's 3.3% into two payments, DBS's gap into a judgment about one. A price jump with no news attached is a number with no parts to take apart, which is what the three checks are for. The figure I keep returning to is the US$22 peak against the US$0.68 close, because it needs no ruling to be true. The cause is the part that does need one. A court finding, or the defence Ryde files, would change how I read the pattern's fit to this case, though not the price figures. 🦖
📺 YouTube: https://youtu.be/i_cm1VnHo50
Not financial advice. Iggy's Forensic Compliance Standards apply.
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