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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

The Law Offices of Frank R. Cruz Announces Investigation of Tuya Inc. (TUYA) on Behalf of Investors

November 3, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Nov 3, 2021--

The Law Offices of Frank R. Cruz announces an investigation of Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA ) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On March 18, 2021, Tuya conducted its initial public offering (“IPO”) of its American Depositary Shares (“ADSs” or “shares”), selling 45,076,479 ADSs at $21 per ADS.

On August 19, 2021, Tuya reported disappointing financial results for second quarter 2021. 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.”

On this news, the Company’s share price fell $1.74, or 14%, to close at $10.41 per ADS on August 19, 2021. As of market close on October 27, 2021, Tuya ADSs were trading as low as $7.01, or 66% below the IPO price.

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If you purchased Tuya securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211103005424/en/

CONTACT: The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Law Offices of Frank R. Cruz

Copyright Business Wire 2021.

PUB: 11/03/2021 12:00 PM/DISC: 11/03/2021 12:02 PM

http://www.businesswire.com/news/home/20211103005424/en