NEW YORK, NY / ACCESSWIRE / August 10, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Tuya Inc. ('Tuya' or the 'Company') (NYSE:TUYA) and reminds investors of the October 11, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Tuya securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the 'Registration Statement') issued in connection with Tuya's March 2021 initial public offering (the 'IPO') and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TUYA.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) a material portion of Tuya's China-based customers were engaged in the widespread and systematic manipulation of reviews and product offerings in violation of Amazon.com's terms of use; (2) prior to the IPO, a consumer investigation and data breach had exposed an illicit fake review scheme being perpetrated by many of Tuya's clients, among others, which included, among other things, the exposure of 13 million records of organized fake review scams linked to over 200,000 Amazon account profiles; (3) as a result, there was a substantial risk that a material portion of Tuya's significant customers would be barred from using Amazon.com's platform, negatively impacting Tuya's business, revenue, earnings, and prospects; and (4) as such, the IPO's registration statement's representations regarding Tuya's historical financial and operational metrics and purported market opportunities and expected growth did not accurately reflect the actual business, operations, financial results, and trajectory of Tuya at the time of the IPO. When the true details entered the market, the lawsuit claims that investors suffered damages.

By August 2022, the price of Tuya ADSs had dropped below $2 per ADS - 90% below the price at which Tuya ADSs were sold to the investing public in the IPO.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Tuya's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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SOURCE: Faruqi & Faruqi, LLP