2022-09-09 | NYSE:TUYA | Press release
Securities litigation partner James (Josh) Wilson encourages investors who have suffered losses greater than $100,000 in Tuya to contact him directly to discuss their options
New York, New York–(Newsfile Corp. – September 9, 2022) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Tuya Inc. (“Tuya” or the ” Company”) (NYSE: TUYA) and reminds investors of the October 11, 2022 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against the Company.
If you have suffered losses in excess of USD 100,000 by investing in Tuya securities in accordance with the registration statement and related prospectus (collectively, the “Registration Statement”) issued as part of Tuya’s IPO in March 2021 (the “IPO”)and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly at 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/TUYA.
There is no cost or obligation for you.
Faruqi & Faruqi is a leading national minority and women-owned securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1 ) a significant portion of Tuya’s Chinese customers were engaged in the widespread and systematic manipulation of product reviews and offers in violation of Amazon.com’s Terms of Service; (2) Prior to the IPO, a consumer investigation and data breach revealed an illicit false review scheme perpetrated by many of Tuya’s customers, among others, which included, among other things, the exposure of 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles; (3) as a result, there was a substantial risk that a significant portion of Tuya’s important customers would not be permitted to use Amazon.com’s platform, which would adversely impact business, revenue, Tuya’s earnings and prospects; and (4) as such, statements in the IPO registration statement regarding Tuya’s historical financial and operating measures and purported market opportunities and expected growth did not accurately reflect the business, Tuya’s actual operations, financial results and trajectory at the time of the IPO. When the real details entered the market, the lawsuit claims investors suffered damages.
By August 2022, the price of Tuya ADSs had fallen below $2 per ADS – 90% below the price at which Tuya ADSs were sold to the investing public in the IPO.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class that is adequate and typical of the class members directing and supervising the litigation on behalf of the putative class. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent member of the class. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tuya’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
Lawyer advertisement. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136570