Grab Investors Advance Part of Class Suit Over App Revenue Drop

Grab Holdings Ltd. investors may proceed on claims the app maker provided some half-truths about marketing expenses in its SPAC merger proxy, a federal court ruled.

The investors failed, however, to adequately allege securities law violations in most of the statements that they targeted, Judge Jennifer L. Rochon said Tuesday for the US District Court for the Southern District of New York. The claims are part of a wave of lawsuits against companies that listed through mergers with special purpose acquisition companies, many of which have faltered following the strategy’s peak in 2020 and 2021.

The De-SPAC Index, which tracks ...