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Lawsuit filed for Investors in shares of Tuya Inc. (NYSE: TUYA)

08-16-2022 08:17 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Tuya Inc. (NYSE: TUYA) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Tuya Inc. (NYSE: TUYA) shares over alleged securities laws violations.

An investor, who purchased shares of Tuya Inc. (NYSE: TUYA), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Tuya Inc. in connection with Tuya's March 2021 initial public offering (the "IPO").

Investors who purchased shares of Tuya Inc. (NYSE: TUYA) have certain options and for certain investors are short and strict deadlines running. Deadline: October 11, 2022. NYSE: TUYA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Tuya Inc. operates an Internet of Things (IoT) cloud platform worldwide.

On or around March 18, 2021, Tuya Inc conducted its initial public offering ("IPO"), selling 43.59 million American depositary shares ("ADSs") priced at $21.00 per share.
On May 11, 2021, an article on techcrunch.com reported that "several top Chinese sellers" had "disappeared from Amazon," and that over 13.1 million records documenting a fake review sting had been uncovered, with more than 200,000 Amazon accounts.
Then, on July 9, 2021, verdict.co.uk revealed that, in an attempt to break down against paid reviews and other violations, Amazon had banned hundreds of Chinese brands across thousands of sellers' accounts, many of which were clients of Tuya.

On August 19, 2021, Tuya Inc reported its financial results for the second quarter of 2021. Among other items, Tuya provided sales guidance of between $83 million and $86 million, falling well short of consensus expectations of $110 million. During the related conference call, the Company attributed the results to a "series of challenges" affecting its customers, "including Amazon's strict execution of seller policy, rising raw material prices and shortage of semiconductor components."
Since the IPO shares of Tuya Inc. (NYSE: TUYA) declined to as low as $1.75 per share on March 15, 2022.

The plaintiff claims that the IPO's registration statement documents were materially false and misleading because they failed to disclose that a material portion of Tuya's China-based customers were engaged in the widespread and systematic manipulation of reviews and product offerings in violation of Amazon.com's terms of use, that prior to the IPO, a consumer investigation and data breach had exposed an illicit fake review scheme being perpetrated by many of Tuya's clients, among others, which included, among other things, the exposure of 13 million records of organized fake review cheats linked to over 200,000 Amazon account , that as a result, there was a substantial risk that a material portion of Tuya's significant customers would be barred from using Amazon.com's platform, negatively impacting Tuya's business, revenue, earnings, and prospects; and that as such, the IPO's registration statement's representations regarding Tuya's historical financial and operational metrics and purported market opportunities and expected growth did not accurately reflect the actual business, operations, financial results, and trajectory of Tuya at the time of the IPO.

Those who purchased shares of Tuya Inc. (NYSE: TUYA) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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