NEW YORK, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors it is investigating whether Tuya, Inc. (“Tuya”) (NYSE: TUYA), or certain of its officers and directors, violated federal securities laws by making materially misleading statements to investors. If you purchased Tuya American Depository Shares (“ADS” or “shares”), you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312, or jzimmerman@scott-scott.com, for more information.
Tuya operates an Internet of Things (“IoT”) cloud platform. It offers customers several offerings, including Platform-as-a-Service (“PaaS”) and Software-as-a-Service (“SaaS”). Tuya also provides its customers a range of cloud-based value-added services.
On March 18, 2021, Tuya conducted an initial public offering of its American Depositary Shares (“ADSs”) at $21 per share.
On August 19, 2021, Tuya reported poor earnings. Tuya stated on the related earnings call that “our customers face a series of challenges, including Amazon’s strict execution of seller policy, rising raw material prices and shortage of semiconductor components.”
On this news, the price of Tuya shares fell over 14%, to close at $10.41.
Since then, the price of Tuya’s shares has continued to precipitously decline, trading as low as $1.65 per share, or over 92% below Tuya’s $21 IPO offering price.
What You Can Do
If you purchased Tuya shares or other securities, and you wish to discuss this investigation, please contact attorney Jonathan Zimmerman at (888) 398-9312, or at jzimmerman@scott-scott.com.
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, Amsterdam, Connecticut, California, Virginia, and Ohio.
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CONTACT:
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Fl, NY, NY 10169
(888) 398-9312
jzimmerman@scott-scott.com
