INVESTOR ALERT: Law Firms of

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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Tuya Inc. (“Tuya” or the “Company”) (NYSE: HOSE) American Depositary Shares (“ADS”) pursuant to and/or traceable to the Company’s March 2021 IPO (the “IPO”). Tuya investors have up to October 11, 2022 to file a petition of the main plaintiff.

Investors experiencing losses on their Tuya investments are encouraged to contact The Law Offices of Howard G. Smith to discuss their legal rights in this class action lawsuit at 888-638-4847 or by email at [email protected].

On March 18, 2021, Tuya went public, selling over 45 million ADSs at $21 per ADS.

On May 11, 2021, an article on techcrunch.com reported that “several major Chinese sellers” had “disappeared from Amazon” and that more than 13.1 million records documenting a fake scam had been discovered, with more than 200,000 Amazon accounts.

Then, on July 9, 2021, verdict.co.uk revealed that, in an attempt to crack down on paid reviews and other violations, Amazon had banned hundreds of Chinese brands on thousands of seller accounts, many of which were Tuya customers. .

Then, on August 18, 2021, Tuya announced disappointing financial results for the second quarter of 2021. During the related conference call, the company attributed the results to a “series of challenges” affecting its customers, “including the Amazon’s strict enforcement of seller policy, rising raw material prices and shortage of semiconductor components.

Following this news, the company’s share price fell $1.74, or 14%, to close at $10.41 per ADS on August 19, 2021. In August 2022, Tuya’s ADS had fallen below $2 per ADS, or 90% below the IPO price.

The complaint filed in this class action alleges that the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the company’s business, operations and prospects. Specifically, defendants failed to disclose to investors: (1) that a significant portion of Tuya’s Chinese customers were engaged in the widespread and systematic manipulation of product reviews and offers in violation of Amazon’s Terms of Service .com; (2) that prior to the IPO, a consumer investigation and data breach revealed an illicit false review scheme perpetrated by many of Tuya’s customers, among others, which included, among other things, exposing 13 million records of fake reviews organized scams linked to more than 200,000 Amazon account profiles; (3) that due to the above, there was a substantial risk that a significant portion of Tuya’s important customers would not be permitted to use Amazon.com’s platform, which would have a negative impact Tuya’s business, revenue, earnings and prospects; and (4) as a result, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.

If you have purchased Tuya ADS, have information or want to know more about such claims, or have any questions regarding this announcement or your rights or interests with respect to such matters, please contact Howard G. Smith, Esquire, Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by e-mail at [email protected]or visit our website at www.howardsmithlaw.com.

This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220810005744/en/

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