NEW YORK, Sept. 16, 2022 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Tuya Inc. (NYSE: TUYA).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/tuya-inc-loss-submission-form/?id=31780&from=4
This lawsuit is on behalf of all persons or entities who purchased Tuya American Depositary Shares in or traceable to the Company's March 2021 initial public offering.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until October 11, 2022 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Tuya Inc. issued materially false and/or misleading statements and/or failed to disclose that: (a) 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; (b) prior to the initial public offering, 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, inter alia, the exposure of 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles; (c) as a result of (a) and (b) above, 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 (d) as a result of (a)-(c) above, the 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 the Company at the time of the initial public offering, and such statements were materially false and misleading and lacked a reasonable factual basis.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
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New York, New York 10036
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SOURCE Jakubowitz Law
