Glancy Prongay & Murray LLP reminds investors to loom

LOS ANGELES, Sept. 29, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come October 11, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors, the Tuya Inc. (“Tuya” or the “Company”) (NYSE: YOURS) American Depositary Shares (“ADSs”) pursuant to and/or traceable to the Company’s initial public offering in March 2021 (the “IPO”).

If you have suffered a loss on your Tuya investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/tuya-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.

On March 18, 2021, Tuya completed its IPO, selling over 45 million ADSs at $21 per ADS.

On May 11, 2021, an article on techcrunch.com reported that “several top Chinese sellers” had “disappeared from Amazon” and uncovered over 13.1 million records documenting a fake review scam, with more than 200,000 Amazon accounts.

Then, on July 9, 2021, verdict.co.uk revealed that Amazon had suspended hundreds of Chinese brands across thousands of seller accounts, many of which were customers of Tuya, in an attempt to crack down on paid reviews and other violations.

Then, on August 18, 2021, Tuya reported disappointing financial results for the second quarter of 2021. During the accompanying conference call, the company attributed the results to a “set of challenges” affecting its customers, “including the increasingly stringent implementation of vendor policies Amazon commodity prices and semiconductor component shortages.”

As a result of this news, the company’s share price fell $1.74, or 14%, to close at $10.41 per ADS on August 19, 2021. By August 2022, Tuya ADSs had fallen below $2 per ADS,…

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