LOS ANGELES, CA / ACCESSWIRE / August 12, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Tuya Inc. ("Tuya" or "the Company") (NYSE:TUYA) for violations of the federal securities laws.
Investors who purchased the Company's American Depositary Shares ("ADSs") pursuant and/or traceable to the Company's initial public offering conducted in March 2021 (the "IPO"), are encouraged to contact the firm before October 11, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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 e-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.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
info@schallfirm.com
SOURCE: The Schall Law Firm
View source version on accesswire.com:
https://www.accesswire.com/711874/INVESTOR-ACTION-NOTICE-The-Schall-Law-Firm-Encourages-Investors-in-Tuya-Inc-with-Losses-of-100000-to-Contact-the-Firm
