SAN FRANCISCO, Aug. 29, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Tuya Inc. (NYSE: TUYA) investors with significant losses to submit your losses now.
Relevant Period: Mar. 15, 2021 – Aug. 9, 2022
Lead Plaintiff Deadline: Oct. 11, 2022
Visit: www.hbsslaw.com/investor-fraud/TUYA
Contact An Attorney Now: TUYA@hbsslaw.com
844-916-0895
Tuya Inc. (LFST) Securities Class Action:
The case is brought on behalf of all investors who purchased Tuya ADS in or traceable to the company’s March 2021 IPO.
Specifically, Tuya’s IPO documents touted the company’s historical growth, claiming it was driven by the “thriving ecosystem” of customers, made up of brands, OEMS, industry operators and system integrators, who generated revenue for Tuya by selling products through e-commerce marketplaces such as Amazon.com
The statements allowed Tuya to go public and raise over $946 million in gross proceeds.
The complaint alleges the IPO documents failed to disclose that: (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 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles; and (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…
