An investigation on behalf of investors in Tuya Inc. (NYSE:TUYA) shares over potential wrongdoing at Tuya Inc. was announced.
San Diego, CA -- (SBWIRE) -- 11/14/2022 -- Certain directors of Tuya Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Tuya Inc. (NYSE: TUYA) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Tuya Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
China based Tuya Inc. operates an Internet of Things (IoT) cloud platform worldwide.
Tuya Inc. reported that its annual Total Revenue rose from $105.78 million in 2019 to $179.87 million in 2020, and that its Net Loss declined from $70.47 million in 2019 to $66.91 million in 2020.
On or around March 18, 2021, Tuya Inc conducted its initial public offering ("IPO"), selling 43.59 million American depositary shares ("ADSs") priced at $21.00 per share.
On May 11, 2021, an article on techcrunch.com reported that "several top Chinese sellers" had "disappeared from Amazon," and that over 13.1 million records documenting a fake review scam had been uncovered, with more than 200,000 Amazon accounts.
Then, on July 9, 2021, verdict.co.uk revealed that, in an attempt to crack down against paid reviews and other violations, Amazon had banned hundreds of Chinese brands across thousands of sellers' accounts, many of which were clients of Tuya.
On August 19, 2021, Tuya Inc reported its financial results for the second quarter of 2021. Among other items, Tuya provided sales guidance of between $83 million and $86 million, falling well short of consensus expectations of $110 million. During the related conference call, the Company attributed the results to a "series of challenges" affecting its customers, "including Amazon's strict execution of seller policy, rising raw material prices and shortage of semiconductor components."
Since the IPO shares of Tuya Inc. (NYSE: TUYA) declined to as low as $0.823 per share on November 09, 2022.
Those who purchased shares of Tuya Inc. (NYSE: TUYA) have certain options and should contact the Shareholders Foundation.
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