Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Tuya, Inc. (“Tuya” or the “Company”) (NYSE: TUYA) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Tuya securities pursuant to the Company’s March 18, 2021 IPO (the “Class Period”). Investors have until October 11, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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According to the Complaint, the Company made false and misleading statements to the market. Tuya’s China-based customers engaged in a scheme to manipulate reviews and product offerings on Amazon, in violation of the -commerce platform’s terms of use. A consumer investigation that occurred prior to the IPO uncovered organized fake review scams perpetrated by the Company’s clients which included 200,000 fake Amazon accounts that posted 13 million fake reviews. The Company was likely to suffer significant business challenges if its base of clients were barred from selling on the Amazon platform. Based on these facts, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about Tuya, investors suffered damages.
If you purchased or otherwise acquired Tuya shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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