LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA) American Depositary Shares (“ADSs”) pursuant and/or traceable to the Company’s March 2021 initial public offering (the “IPO”). Tuya investors have until October 11, 2022 to file a lead plaintiff motion.
If you suffered a loss on your Tuya investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/tuya-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On March 18, 2021, Tuya conducted its IPO, selling over 45 million ADSs at $21 per ADS.
On May 11, 2021, an article on techcrunch.com reported that “several top Chinese sellers” had “disappeared from Amazon,” and that over 13.1 million records documenting a fake review scam had been uncovered, with more than 200,000 Amazon accounts.
Then, on July 9, 2021, verdict.co.uk revealed that, in an attempt to crack down against paid reviews and other violations, Amazon had banned hundreds of Chinese brands across thousands of sellers’ accounts, many of which were clients of Tuya.
Then, on August 18, 2021, Tuya reported disappointing financial results for second quarter 2021. During the related conference call, the Company attributed the results to a “series of challenges” affecting its customers, “including Amazon's strict execution of seller policy, rising raw material prices and shortage of semiconductor components.”
On this news, the Company’s share price fell $1.74, or 14%, to close at $10.41 per ADS on August 19, 2021. By August 2022, Tuya ADSs had dropped below $2 per ADS, 90% below the IPO price.
If you purchased or otherwise acquired Tuya ADSs pursuant and/or traceable to the IPO, you may move the Court no later than October 11, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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