PHILADELPHIA, PA / ACCESSWIRE / August 15, 2022 / Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities Tuya Inc. ("Tuya" or the "Company") (NYSE:TUYA) between March 15, 2021 and August 9, 2022 (the "Class Period").
If you purchased the securities of Tuya during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell'Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/tuya-inc/.
Whistleblowers: Anyone with non-public information regarding Tuya is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed lawsuit, Tuya falsely represented and/or failed to disclose that: (1) 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; (2) prior to the IPO, 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, among other things, the exposure of 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles; and (3) as a result, 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.
By August 2022, the price of Tuya ADSs had dropped below $2 per ADS, a 90% decline from the IPO price.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
[email protected]
SOURCE: Berger Montague