Class Action Settlement Approved for Grab Holdings and Altimeter Growth Corp. Investors

Significant Settlement Granted for Shareholders

In a landmark decision, the U.S. District Court for the Southern District of New York has sanctioned a proposed class action settlement aimed at investors of Grab Holdings Limited (NASDAQ: GRAB) and Altimeter Growth Corp. (previously known as NASDAQ: AGC). This recent development arises from a series of legal actions that sought to address grievances from shareholders who acquired shares of these companies within a specific timeframe.

Background of the Case

This case revolves around investors who purchased shares during the proxy registration statement filed by Grab on August 2, 2021. The statement detailed the exchange of Altimeter Growth Corp. shares for Grab’s Class A Ordinary Shares. Several amendments followed, and a final prospectus was published on November 19, 2021. Specifically, the class action aims to represent those who either directly bought Grab shares or traded their AGC shares under the conditions of this registration.

Settlement Details

The court has approved a cash settlement of $80 million, which is to be distributed among eligible claimants pending their submission of valid claim forms. It is estimated that if all eligible shareholders take part, they could recover approximately $0.1073 per share, net of certain legal and administrative costs. The funding is designed to benefit settlement class members who demonstrate their eligibility within the deadlines specified.

Classes Included & Excluded

All individuals and entities who acquired public shares of Grab, or exchanged AGC shares for Grab shares, from August 2, 2021, until March 3, 2022, are included in this settlement. However, exclusions apply to the defendants and their immediate family members, as well as current or former directors or officers of either Grab or AGC. Notably, those involved in shares subject to a Lock-Up Agreement referenced in the Proxy also do not qualify.

Next Steps & Hearing Schedule

The settlement approval hearing is set for May 15, 2025, at 11:00 AM, in Courtroom 20B of the Daniel Patrick Moynihan United States Courthouse in New York. During this hearing, the court will evaluate the fairness and adequacy of the settlement, as well as decide on attorneys' fees and the proposed distribution plan for the settlement funds. Investors are encouraged to stay informed about the settlement process, including their rights related to its outcomes.

Participate or Exclude Yourself

Class members who wish to partake in the settlement must submit their claims by April 24, 2025. Conversely, if any individual opts to exclude themselves from the settlement class, they must send a formal request by the same deadline. Detailed instructions on these processes have been provided in a court-issued notice. The deadline to file objections is also set for April 24, 2025, allowing members an opportunity to voice their concerns regarding the settlement or any aspects therein.

Conclusion

The approval of this settlement marks a pivotal moment for investors in Grab Holdings and Altimeter Growth Corporation who faced uncertainty during the proxy exchanges. As this situation unfolds, stakeholders are urged to exercise their rights and consider participating in the settlement to recover potential losses, ensuring they act within specified timelines.

For more detailed information, visit Grab Securities Settlement or reach out to the appointed Claims Administrator.