NEW YORK, Sept. 09, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Tuya Inc. (“Tuya” or the “Company”) (NASDAQ: TUYA). Such investors are advised to contact Robert S. Willoughby ? Email: [email protected] Or call: 888-476-6529 ext. 7980.

The investigation concerns whether Tuya and some of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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Tuya completed an initial public offering (“IPO”) on or about March 18, 2021, offering 45 million American Depositary Shares (“ADS”) at a price of $21.00 per share. On May 11, 2021, an article on the website techcrunch.com revealed that “several Chinese top sellers have disappeared from Amazon” in recent days. The article reported that more than 13.1 million records of a massive fake review scam involving more than 200,000 Amazon accounts had been discovered. GMV) contributed to Amazon,” the article added. The article quoted Amazon as saying, “We have a [?????] of those who acted quickly, including suspending or revoking their selling privileges. Subsequently, on August 18, 2021, Tuya issued a press release announcing the Company’s second quarter 2021 financial results. The press release also included an outlook for the third quarter of 2021, noting that the company expects revenue of between $83 million and $86 million, surprising and disappointing analysts and investors. On the same day, CFO Yao Liu (Jessie) revealed the reasons for the lower third-quarter sales guidance, stating, “Our customers face a number of challenges, including Amazon’s strictly enforced selling policy on Amazon’s cross-border e-commerce stores.” prohibits. Following the conference call, analysts estimated that the Amazon ban would increase Tuya’s revenue by 10% and Tuya’s by 20% in the second half of 2021.