Grab at risk of US class action lawsuits after shares fall
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LISTING in the US is often desired for its vibrant market and access to capital, but on the flip side, it puts the company at risk of potential litigation with class action lawsuits, with recently-listed Grab becoming the latest target.
Grab, which operates ride-hailing, food delivery and financial services businesses, merged with special purpose acquisition company Altimeter on Dec 2 and its shares opened at US$13.06. Since then, Grab's stock has traded in the region of US$5.
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