NEW YORK, Sept. 17, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds buyers of Tuya Inc. (NYSE: TUYA) securities as per statement and/or traceable thereto and related prospectus (collectively, the “Registration Statement”) issued in connection with Tuya’s March 2021 IPO (the “IPO”) of the important deadline of October 11, 2022 for the lead applicant.
AND WHAT: If you have purchased Tuya securities in accordance with the registration statement and/or traceable thereto, you may be entitled to compensation without payment of any fees or out-of-pocket costs through a fee arrangement conditionals.
WHAT TO DO NEXT: To join the Tuya class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=7007 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for class action information. A class action lawsuit has already been filed. If you wish to act as a lead plaintiff, you must move the Court no later than October 11, 2022. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation.
WHY ROSEN LAW: We encourage investors to select qualified lawyers with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these firms do not actually handle securities class action lawsuits, but are merely middlemen who refer clients or partner with law firms that actually litigate the cases. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
CASE DETAILS: According to the lawsuit, the IPO registration statement contained false and/or misleading statements and/or failed to state that: (1) a significant portion of Tuya’s customers based in China were engaged in the widespread and systematic manipulation of product reviews and listings in violation of Amazon.com’s Terms of Service; (2) 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 million records of organized fake review scams linked to over 200,000 Amazon account profiles; (3) as a result, 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 adversely impact business, revenue, Tuya’s earnings and prospects; and (4) 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. When the real details entered the market, the lawsuit claims investors suffered damages.
To join the Tuya class action, go to https://rosenlegal.com/submit-form/?case_id=7007 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for class action information.
No class has been certified. Until a class is certified, you are not represented by an attorney unless you retain one. You can choose the lawyer of your choice. You can also remain an absent group member and do nothing at this point. An investor’s ability to participate in any potential future recovery does not depend on their status as lead plaintiff.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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