NEW
YORK, Sept. 23, 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=32056&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
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
View original
content:https://www.prnewswire.com/news-releases/tuya-shareholder-alert-jakubowitz-law-reminds-tuya-shareholders-of-a-lead-plaintiff-deadline-of-october-11-2022-301631299.html
SOURCE Jakubowitz Law