NEW YORK, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers or acquirers of Sea Limited (“Sea” or the “Company”) (NYSE: SE) securities between April 23, 2022 and May 15, 2023, inclusive (the “Class Period”). Sea, together with its subsidiaries provides digital entertainment, e-commerce, and digital financial services in Asia, Latin America, and internationally. Click Here to Join Investigation.
If you acquired Sea securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than September 19, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
As alleged in the complaint, the Class Period begins on April 23, 2022, the day after Sea filed an annual report with the SEC, reporting the Company’s financial and operational results for the quarter and year ended December 31, 2021. The annual report represented that a large and growing user base benefitted Sea’s monetization efforts and that synergies among the Company’s three businesses allowed the Company to increase its user base, and monetization of that user base, in a cost-effective manner. Further, the complaint alleges that throughout the Class Period, Defendants consistently touted purported synergies among Sea’s three core businesses as enabling the Company to grow its user base and loan book in an efficient, cost-effective manner, while managing risks impacting the Company’s profitability.
On May 16, 2023, Sea issued a press release announcing its financial results for the first quarter of 2023. Allegedly, Sea reported first-quarter earnings that fell significantly short of expectations due to a sharp increase in loan loss reserves. Specifically, Sea stated that "[o]ur provision for credit losses increased by 120.5% to US$177.4 million in the first quarter of 2023 from US$80.5 million in the first quarter of 2022, primarily driven by expansion to a broader user base and the growth of our loan book.” Additionally, Sea disclosed that its Chief Investment Officer, David Ma, had resigned and joined Sea's Board of Directors.
Following this news, the price of Sea's American Depositary Shares (ADSs) fell $15.62 per ADS, or 17.74%, to close at $72.45 per ADS on May 16, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
