Tuya Class Action Lawsuit (TUYA Lawsuit)

The Klein Law Firm announces that a class action complaint (Tuya Class Action Lawsuit) has been filed on behalf of shareholders of Tuya Inc. (NYSE: TUYA) who purchased American Depositary Shares in or traceable to the Company’s March 2021 initial public offering. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.

In particular, the Tuya lawsuit alleges 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.

Shareholders have until October 11, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

Tuya Inc. Class Action Lawsuit
Tuya Inc. Lawsuit
TUYA Class Action Lawsuit
TUYA Lawsuit
Tuya Inc. (TUYA) Class Action Lawsuit
TUYA stock