Home Substantial portion TUYA INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Tuya Inc., Announces Opportunity for Investors Suffering Substantial Losses to Lead Case

TUYA INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Tuya Inc., Announces Opportunity for Investors Suffering Substantial Losses to Lead Case

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SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that it has filed a class action lawsuit seeking to represent purchasers of American Depositary Shares (“ADS”) of Tuya Inc. (NYSE: TUYA) in connection with Tuya’s March 2021 initial public offering (the “IPO”). Subtitle Lian v. Tuya Inc.no. 22-cv-06792 (SDNY) – the tuya The class action charges Tuya, some of its key officers and directors, and IPO underwriters with violations of the Securities Act of 1933.

If you have suffered significant losses and wish to act as lead plaintiff, please provide your information here:

https://www.rgrdlaw.com/cases-tuya-inc-class-action-lawsuit-tuya.html

You can also contact a lawyer JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing [email protected] Principal Applicant’s Requests for tuya the class action must be filed with the court no later than October 11, 2022.

CASE ALLEGATIONS: Based in China, Tuya’s proprietary products and services enable so-called “smart devices” for example, household items and Internet-connected devices, to communicate and interact with end users and online information and services. About 20% of Tuya’s customers sell products online through e-commerce marketplaces such as Amazon.com. And to maintain the integrity of its platform, Amazon.com has long banned the practice of sellers paying review writers for their reviews in most cases.

Prior to the IPO, Tuya claimed to be experiencing phenomenal growth. But as the tuya The class action alleges that the IPO registration statement documents were materially false and misleading because they failed to disclose that: (i) a significant portion of Tuya’s China-based customers engaged in widespread and systematic manipulation of product reviews and offers in violation of Amazon.com’s Terms of Service; (ii) 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, the exposure of 13 millions of fake review scam records linked to more than 200,000 Amazon account profiles; (iii) as a result, there was a substantial risk that a significant portion of Tuya’s significant customers would not be permitted to use Amazon.com’s platform, which would adversely impact business, revenue, Tuya’s earnings and prospects; and (iv) as such, statements in the IPO registration statement regarding Tuya’s historical financial and operating measures and purported market opportunities and expected growth did not accurately reflect the business, Tuya’s actual operations, financial results and trajectory at the time of the IPO.

By August 2022, the price of Tuya ADSs had fallen below $2 per ADS – 90% below the price at which Tuya ADSs were sold to the investing public in the IPO.

The plaintiff is represented by Robbins Geller, who extensive experience in pursuing investor class actions, including actions involving financial fraud. You can view a copy of the complaint by clicking here.

THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who holds Tuya ADSs or is traceable to IPO during the class action period to seek appointment as as lead applicant in the tuya class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the tuya class action. The main plaintiff can select a law firm of his choice to plead tuya class action. An investor’s ability to participate in any potential future upturn in the tuya the class action does not depend on the status of principal plaintiff.

ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiffs firms in the world and the firm’s attorneys have secured many of the largest securities class action recoveries in history, including the largest never-recorded securities class action recovery – $7.2 billion – in In re Enron Corp. Dry. Litigation Please visit the following page for more information:

https://www.rgrdlaw.com/services-litige-securities-fraud.html

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