NEW YORK–(BUSINESS WIRE)–Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors that a securities class action lawsuit has been filed against Tuya Inc. (NYSE: TUYA) (“Tuya”), certain of its officers and directors, and the underwriters of Tuya’s March 2021 initial public offering (“IPO”), alleging violations of the Securities Act of 1933.
Tuya is a China-based technology company that markets and sells its Internet of Things cloud platform to customers who, in turn, sell their connected devices through e-commerce marketplaces such as Amazon.com.
On March 19, 2021, Tuya sold approximately 45,000,000 American Depositary Shares (“ADSs”) at a price of $21 per share, generating proceeds in excess of $946 million.
By August 2022, the price of Tuya’s ADSs had dropped below $2 per ADS, representing a 90% decline from the IPO offering price of $21.
What You Can Do – CLICK HERE
If you purchased Tuya ADSs pursuant and/or traceable to the offering documents used to effectuate the IPO, or otherwise acquired Tuya shares, and have suffered a loss, realized or unrealized, and you wish to discuss this action, please contact attorney Jonathan Zimmerman at (888) 398-9312 or at [email protected]. The lead plaintiff deadline is October 11, 2022.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.