LOS ANGELES, CA / ACCESSWIRE / August 10, 2022 / The Schall Legislation Agency, a nationwide shareholder rights litigation agency, pronounces the submitting of a category motion lawsuit towards Tuya Inc. (“Tuya” or “the Firm”) (NYSE:TUYA) for violations of the federal securities legal guidelines.
Buyers who bought the Firm’s American Depositary Shares (“ADSs”) pursuant and/or traceable to the Firm’s preliminary public providing carried out in March 2021 (the “IPO”), are inspired to contact the agency earlier than October 11, 2022.
If you’re a shareholder who suffered a loss, click on right here to take part.
We additionally encourage you to contact Brian Schall of the Schall Legislation Agency, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to debate your rights freed from cost. You can too attain us via the agency’s web site at www.schallfirm.com, or by e mail at [email protected].
The category, on this case, has not but been licensed, and till certification happens, you aren’t represented by an legal professional. When you select to take no motion, you possibly can stay an absent class member.
In line with the Grievance, the Firm made false and deceptive statements to the market. Tuya’s China-based clients engaged in a scheme to control evaluations and product choices on Amazon, in violation of the e-commerce platform’s phrases of use. A shopper investigation that occurred previous to the IPO uncovered organized faux overview scams perpetrated by the Firm’s purchasers which included 200,000 faux Amazon accounts that posted 13 million faux evaluations. The Firm was prone to endure vital enterprise challenges if its base of purchasers have been barred from promoting on the Amazon platform. Based mostly on these info, the Firm’s public statements have been false and materially deceptive all through the IPO interval. When the market discovered the reality about Tuya, traders suffered damages.
Be part of the case to get well your losses.
The Schall Legislation Agency represents traders all over the world and makes a speciality of securities class motion lawsuits and shareholder rights litigation.
This press launch could also be thought-about Legal professional Promoting in some jurisdictions underneath the relevant legislation and guidelines of ethics.
The Schall Legislation Agency
Brian Schall, Esq.
SOURCES: The Schall Legislation Agency
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