San Diego, California--(Newsfile Corp. - August 12, 2022) - Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Tuya, Inc. (NYSE: TUYA). The class action is on behalf of shareholders who purchased or otherwise acquired Tuya in or traceable to Tuya's March 2021 initial public offering (the "IPO"). The Tuya class action lawsuit charges Tuya, certain of its top executives and directors, as well as the IPO's underwriters with violations of the Securities Act of 1933 Investors are hereby notified that they have until October 11, 2022 to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below in a browser:
https://www.johnsonfistel.com/investigations/tuya-ipo-fake-review-class-action-lawsuit
There is no cost or obligation to you.
The Tuya class action lawsuit alleges, the IPO's registration statement documents were materially false and misleading because they failed to disclose that: (i) 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; (ii) 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 scams linked to over 200,000 Amazon account profiles; (iii) 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 (iv) 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.
A lead plaintiff will act on behalf of all other class members in directing the Tuya class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Tuya class action lawsuit is not dependent upon serving as lead plaintiff. For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133622
