The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Tuya Inc. (NYSE: TUYA) American Depositary Shares in or traceable to the Company’s March 2021 initial public offering.
(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.
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.
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