Tuya Class Action Lawsuit TUYA | Deadline October 11, 2022
Announcement! The TUYA Lawsuit is open to all investors who purchased or otherwise acquired Tuya Incorporated (Tuya Class Action Lawsuit) American Depositary Shares in or traceable to the Company’s March 2021 initial public offering.
The defendants allegedly made the following assertions throughout the Class Period and/or failed to disclose them, per the TUYA lawsuit:
(1) a significant part of Tuya’s customers in China were involved in the widespread and systematic manipulation of product listings and reviews, which was against Amazon.com’s terms of service;
(2) Before the initial public offering, a consumer investigation and data breach revealed an illegal fake review scheme that was being carried out by many of Tuya’s clients, among others, and revealed, among other things, the exposure of 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles;
(3) Due to (a) and (b) above, there was a significant chance that some of Tuya’s important clients would be unable to use Amazon.com’s platform, which would have a detrimental effect on Tuya’s operations, earnings, and prospects; and
(4) The statements made in the registration statement regarding Tuya’s historical financial and operational metrics, as well as alleged market opportunities and expected growth, did not accurately reflect the Company’s actual business, operations, financial results, and trajectory at the time of the initial public offering. As a result of (a) through (c) above, these statements were materially false and misleading and lacked a reasonable factual basis.
If you suffered a loss in TUYA Lawsuit, you have until October 11, 2022, to request that the Court appoint you as the lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Tuya Class Action Lawsuit (TUYA Lawsuit)
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