NEW YORK–(BUSINESS WIRE)–Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, 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 securities and suffered a loss, you are encouraged to contact attorney Joe Pettigrew at 844-818-6982 or [email protected] 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/ADS. On August 19, 2021, Tuya reported poor earnings. Tuya stated on the associated 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 ADSs fell over 14%, to close at $10.41. As of market close on October 27, 2021, the price of Tuya ADSs was $7.01.
What You Can Do
If you purchased TUYA ADRs or securities, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at 844-818-6982, or at [email protected].
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.