New York, New York--(Newsfile Corp. - October 4, 2022) - Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Tuya, Inc. ("Tuya" or the "Company") (NYSE: TUYA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Tuya American Depositary Shares ("ADSs") in or traceable to the Company's March 2021 initial public offering (the "IPO"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/tuya.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933 (the "Securities Act").
The Complaint alleges that the defendants made materially false and misleading statements and omissions in the Registration Statement. The defendants failed to disclose the following adverse facts that existed at the time of the IPO: (1) 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; (2) 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; (3) 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 (4) as such, 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 IPO.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/tuya or you may contact Peretz Bronstein, Esq. or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tuya you have until October 11, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133862
