NEW YORK, NY / ACCESSWIRE / September 19, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Swvl Holdings Corp. ("Swvl" or the "Company") (NASDAQ:SWVL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Swvl and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 17, 2024, Wolfpack Research ("Wolfpack") published a report entitled "SWVL, a ‘Transportation-as-a-Service' Start-up Appears to Be a Few Breaths Away from Bankruptcy". Citing "research into the company, including on-the-ground due diligence in Egypt", the Wolfpack report alleged, among other things, "that SWVL's operations are grinding to a halt as they run out of money" and that very few rides appeared to be available on the Company's bus-sharing app in Cairo, Swvl's primary market.
On this news, Swvl's stock price fell $2.36 per share, or 43.62%, to close at $3.05 per share on September 17, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP