NEW YORK, Aug. 24, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Tuya Inc. («Tuya» or the «Company») (NYSE: TUYA). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Tuya and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around March 18, 2021, Tuya conducted its initial public offering («IPO»), selling 43.59 million American depositary shares («ADSs») priced at $21.00 per share. Then, on August 19, 2021, Tuya 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.
On this news, Tuya’s ADS price fell $1.74 per ADS, or 14.32%, to close at $10.41 per ADS on August 19, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
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SOURCE Pomerantz LLP